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MAGELLAN AEROSPACEMAGELLAN AEROSPACEMAGELLAN AEROSPACE

MAGELLAN AEROSPACE

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MAL trade ideas

MAL - Channel trade2021-11-18 Markets are mixed, possibly turning bearish (near all time highs) MAL has been performing well. MAL entered channel trading (consolidation) starting March 5 2021 10.05 Bottom of channel 10.90 top of channel Tested support at bottom 6x tested top 5x ( This trade hoping for a 6th) by Jan 19th. This is a technical trade. Hoping to touch my target for a sell. If this turns bullish and runs, will hold. No upcoming events to be concerned about. purchased 150 at 10.15 = 1542.5 (all in) which puts me at 2.435 for ( avg .price + break even) Avg price: 10.28 profit taker = 10.9 loss = 9.78 I entered the trade hoping that this stock will stay inside the channel and not fall below.
TSX:MAL
by tsx_trader
MAL: Magellan AerospaceMagellan Aerospace is a company based out of Ontario Canada that provides equipment and solutions to aerospace (civilian, military, space). It is presently trading at 7.14. Its 52 week high is 17.09. Prior to Covid-19 this was a good long term pick and was doing quiet well. I purchased a 100 at B1. I will cost average buy purchasing 200-300 at B2 should it go down to that area. I will sell respectively at S1 and S2. I will continue to watch this stock as it grows. Last month the company made a bid through the TSX to purchase back up to 2,910,450 of its common shares over the next year, essentially, they want to buy back 5% of their ownership which indicates that the company has faith in its future. This is a long term hold (1-3 years). Also, do not purchase if you are not willing to price adjust. In the short term, this may move down or trade sideways for sometime. Finally, this is a good stock to watch if you are getting into trend trading because its slightly lower volume allows you to really understand whats going on with the price, etc...
TSX:MALLong
by tsx_trader