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Look for Shares of Mgp Ingredients to Potentially Rebound after Yesterday's 1.32% Sell Off

By David Diaz

Mgp Ingredients (NASDAQ:MGPI) traded in a range yesterday that spanned from a low of $76.15 to a high of $79.22. Yesterday, the shares fell 1.3%, which took the trading range below the 3-day low of $80.31 on volume of 160,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Mgp Ingredients share prices have moved between a 52-week high of $100.00 and a 52-week low of $53.66 and are now trading 45% above that low price at $77.89 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.1% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Mgp Ingredients on January 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $64.76. Since that recommendation, shares of Mgp Ingredients have risen 22.4%. We continue to monitor MGPI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders mgp ingredients

Ticker(s): MGPI