majesticsteve

MGY triple top or ascending triangle?

NYSE:MGY   MAGNOLIA OIL & GAS CORPORATION
Two scenarios can play out here, more than likely ( bullish scenario) plays out

1. (green line) we blast through 6.48 and we reach $7-8+
2. (red line) we test 6.48 and reject... test 5.47 or 4.65 then BOUNCE BOUNCE!
Trade active: broke right out, hell yea! short term target: $8... planes are flying and they need FUEL! lets GOOO!!!
Comment: Oil has great news everywhere! eyeing the break of 7.88... more than likely will happen next week, not expecting any big pullbacks yet.
Trade closed: target reached: I sold all my shares at 7.30-7.50 premarket on Monday I believe, it was clear MGY OXY and airlines were all facing rejection!
Comment: Looks like uptrend is still ongoing.. looking for a breakdown soon!

Comments

Forming a head and shoulder pattern. This might drop a bit
Reply
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