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).
Commentaire:
Well, didn't get the pull back yet. moved my entry to 6.35, which is the 20d sma
Transaction en cours:
Got my entry of 6.35
Transaction en cours:
Added. New avg is 5.90
Trade fermée manuellement:
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!
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@profitnotiondaily on StockTwits
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