MGPI - Double Triangle StructuresPrior triangle structure lead to a bullish breakout This current triangle is yet to breakout but I hope for another bullish breakout I consider these bullish Ascending Triangles or Bullish Rising Wedges . In my eyes they are much the same.by BixleyPublished 1
Breakout in MGPIMGPI is setting up in a potentially powerful breakout pattern. MGP Ingredients is a distilled spirits company. Alcohol stocks are often seen as defensive which would make sense why we are seeing money flow into these names right now. But the group as a whole saw a huge advance in 2020 during COVID lockdowns, so do not underestimate their power to perform. The sector as a whole is coming out of a Stage 1 consolidation base and is now trying to mount a breakout higher in Stage 2. MGPI is my favorite stock in the alcohol group, both in terms of fundamentals and technical setup. As you can see in the MarketSmith table I put on the bottom of the chart, sales and earnings have been skyrocketing at this company for the last four quarters. And gross margins are actually improving at the same time. The technical pattern is what William O'Neil referred to as a "base-on-base" pattern. You will notice a first base that formed from December-March. Once the stock broke out, it consolidated once again to form a second base that is now completing with very tight price action in a 4% range over the last two weeks. Base-on-base patterns are most common toward the end of a bear market when stocks break out but do not make their full advance because they are being held back by the general market. But once the bear ends (which it always does) these stocks can make powerful moves higher once their power is released. I plan to buy on a breakout above 103.25. And thanks to the tight pivot area, I can place a tight stop at 99.05 to risk just 4% on the trade. NASDAQ:MGPILongby rossgivensPublished 222
MGPIThin name. Broke out and bought a very small position as im not getting good traction. My slippage was terrible and it will probably be the same if I get stopped. Avg Cost: 39@101.42 Stop: 95.40 Risk: 5.94% Size: 4k .77% of portfolio. Overall exposure: 31.9% Longby vmreyesaUpdated 1
$MGPI pulling back to breakout supportPicked up few shares today on the pullback to 5 month rectangle pattern support (broken resistance becomes support). Will the stock bounce from here? I have no idea, but what setups like this take place, you take them and then let the market does what it wants to do :).Longby TaPlotPublished 1
$MGPI Forming 4+ Month #Rectangle #ChartpatternNice trade setup forming on NASDAQ:MGPI . A strong daily close above the 4+ months rectangle pattern will also clear the 200 MA. The stock has already cleared a weekly downtrend line indicating a possible shift in trend to the upside.Longby TaPlotPublished 114
MGPI: Ascending TriangleAscending Triangle Pros: Descending Volume PPS above 50MA and 200MA RS climbing and above 0 High R/R ratio above 13 Cons: 250RSI under 50 200MA deescending If confirmed: PT1 = 55,09 (over gap fill) PT2 = 59,05 Bonus PT3 = 66,34Longby LeLafPublished 1
$MGPI #Long #trading #MGP #Ingredients #PackagedFoodFundamental Analysis contained within chartLongby ZenModePublished 7
MGP Ingredients Receives FDA Approval of Fibersym® RW and FiberRMGPI: MGP Ingredients, Inc. 2019-03-29 08:01:30 MGP Ingredients Receives FDA Approval of Fibersym® RW and FiberRite® RW as a Dietary Fiber Source - GlobeNewswireLongby RocketTickersPublished 1
Adding to my Long Position in MGPI on MondayMGPI is printing a bullish candlestick over candlestick price bar on above average volume with my momentum/trending oscillators confirming the price move. I am adding to my long position in MGPI on Monday using a limit (GTC-BUY-LMT) order @ 75.06. I will have two trailing sell stops (GTC-SELL-STP) @ 71.74 and 68.99 to protect my initial invested capital in case MGPI does not move higher immediately. I am expecting a measured move similar to all or part of the previous uptrend from January 2017- November 2017. Longby BigWaveTradingPublished 2