$MGI swing towards 50% Fib retracement

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).
  

Bình luận:

Well, didn't get the pull back yet. moved my entry to 6.35, which is the 20d sma

Giao dịch đang hoạt động:

Got my entry of 6.35

Giao dịch đang hoạt động:

Added. New avg is 5.90

Giao dịch được đóng thủ công:

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!