Initially bought at $0.33, and sold subsequently is worth revisiting just in case it is still owned.
The correction from the lows is looking a lot like an A-B-C in which the C is forming a diagonal triangle, a.k.a. pennant or rising flag. These are bearish structures and this one has lasted a full year and travelled the exact same distance as the first up-leg. The RSI and MACD are dropping. A sell in my book.
If you still own it , I would give serious thought to selling MAL and keeping an eye on it for potential lower re-entry. At this point you are up 6x your money. the 4 and 5 still to come as per last comments turned out to be bigger than I anticipated. Here it is.
By the way, this may only be the end of 3!, not at all sure, another good reason to step aside.
For those of my readers, there are few, only about 500 so far, that can read between the lines and still own Magellan, we still need a 4 and 5 to get us to the 1.20 level. Should not take too long as this one worked out just great. Before we all get too hubristic about it, remember that getting out of Timminco, TIM, after 30% proved to be very wise!
On March the 13th we recommended MX on a breakout. It was at about $8.60 at the time. It is now $12.47 for a 45% gain. It is going higher but for the record we record it as up 30%
Same story for Magellan Aerospace. It is trading at 73 cents , which from 33 cents is a gain of 121%. This one will also be recorded at 30% up. By the way it is going to $1.20
