Prior triangle structure lead to a bullish breakout This current triangle is yet to breakout but I hope for another bullish breakout I consider these bullish Ascending Triangles or Bullish Rising Wedges . In my eyes they are much the same.
MGPI is setting up in a potentially powerful breakout pattern. MGP Ingredients is a distilled spirits company. Alcohol stocks are often seen as defensive which would make sense why we are seeing money flow into these names right now. But the group as a whole saw a huge advance in 2020 during COVID lockdowns, so do not underestimate their power to perform. The...
I don’t want to take any risk in This Stock ..if it falls it wont give any exit opportunity gap down only..
Picked up few shares today on the pullback to 5 month rectangle pattern support (broken resistance becomes support). Will the stock bounce from here? I have no idea, but what setups like this take place, you take them and then let the market does what it wants to do :).
Nice trade setup forming on NASDAQ:MGPI . A strong daily close above the 4+ months rectangle pattern will also clear the 200 MA. The stock has already cleared a weekly downtrend line indicating a possible shift in trend to the upside.
Ascending Triangle Pros: Descending Volume PPS above 50MA and 200MA RS climbing and above 0 High R/R ratio above 13 Cons: 250RSI under 50 200MA deescending If confirmed: PT1 = 55,09 (over gap fill) PT2 = 59,05 Bonus PT3 = 66,34
Fundamental Analysis contained within chart
MGPI: MGP Ingredients, Inc. 2019-03-29 08:01:30 MGP Ingredients Receives FDA Approval of Fibersym® RW and FiberRite® RW as a Dietary Fiber Source - GlobeNewswire
MGPI is printing a bullish candlestick over candlestick price bar on above average volume with my momentum/trending oscillators confirming the price move. I am adding to my long position in MGPI on Monday using a limit (GTC-BUY-LMT) order @ 75.06. I will have two trailing sell stops (GTC-SELL-STP) @ 71.74 and 68.99 to protect my initial invested capital in case...