MGT Long on breakout signal

2016年9月2日

Long MGT as price action this morning is now confirming a breakout. The recent wedge on the daily chart dating back to the beginning of the summer signaled a breakout was inevitable. Volume is also higher than recent days which reaffirms my stance. Bid intraday at 3.34 with a stop at 3.00 (which gives wiggle room on the downside...a break below 3.00 would most definitely signal a reversal with possible retracement toward early 2016 price levels). If the 3.34 bid is not hit by the end of the day I will enter going into the close. I look for a conservative price target near the June highs at 4.00. RR is 2/1. If you follow my 10000 USD base account recommendations I advise a long position of 500 shares (I sold our recent BOBE long this morning at 40.04 for profit to free up margin to finance this trade. BOBE price action was also diverging from the overall market trend signaling weak momentum post earnings).