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Long
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$MGI swing towards 50% Fib retracement

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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!
profitnotiondaily
"Don't settle for a life less than what you are capable of"

@profitnotiondaily on StockTwits
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FibonacciSupport and Resistance

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
FibonacciSupport and Resistance
profitnotiondaily
"Don't settle for a life less than what you are capable of"

@profitnotiondaily on StockTwits
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.