Today we have seen a resistance breakout in MoneyGram (Resistance 3.17), the breakout was with large volumes and gap up, but then followed by some profit booking, however the stock is still holding its fort around $3.30. Since 2 Apr 2020, the stock has tripled in the value and with recent breakout could it be heading towards $9, double or triple in the value again within next 4-6 weeks.
I am long on this stock, with the target of $6, $8 and $9. What are your thoughts guys???
It seems like MoneyGram is losing steam, and on the 1h chart (see chart below) that big wide-range bar looks like an exhaustion bar to me, with almost zero follow through to the upside.
So I guess it’s a typical wait and see situation.
Good to see some useful and constructive discussion going on - keep it on going guys!
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@LiveForexSignals thanks for your feedback and analysis, I think it is consolidating, and any downside might be limited to $2.40, but if it breaks then might see more downward trend, but for now it still is holding 3.30 to 3.40 range. Next obstacle in $3.86, after this it might very soon go up to $5.00.
Thanks again for your feedback 
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You are welcome.
According to Bloomberg It also seems that Western Union has made a takeover offer to MoneyGram.
That means the stock could indeed soar next week or so, if the deal is completed, so this is definitely a stock to put on the Watch List.
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