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Long

$MGI swing towards 50% Fib retracement

By tony_dav_
Updated

Idea: Swing long MGI on a pullback to low 6s. ride up to 8s+ (50% fib retracement level). Will look to stop below $5, but may add if price action remains bullish.
Timeframe: 2-6 weeks
Rationale:

  • 50M buyback announced
  • At least 6 insiders have bought over 1.5M worth of shares in the last week
  • Bullish MACD triggered on the daily chart
  • Price is at 12 month lows
  • An attempt to break the downtrend started on Nov 5th, with the first real break happening on Nov 12
  • Last Earnings were flat (not bad).
Note
Well, didn't get the pull back yet. moved my entry to 6.35, which is the 20d sma
Trade active
Got my entry of 6.35
Trade active
Added. New avg is 5.90
Trade closed manually
Ok, decided to close this for +33% profit at 7.90. There is more upside but i'm off to the next idea. Good luck bulls!
FibonacciSupport and Resistance
tony_dav_
"Don't settle for a life less than what you are capable of"

@profitnotiondaily on StockTwits

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