What Next for MFS Government Markets Income Trust (MGF) After Forming Bullish Descending Triangle Chart Pattern?

July 17, 2017 - By Winifred Garcia

Investors sentiment increased to 1.08 in Q4 2016. Its up 0.35, from 0.73 in 2016Q3. It is positive, as 3 investors sold MFS Government Markets Income Trust shares while 10 reduced holdings. 7 funds opened positions while 7 raised stakes. 9.27 million shares or 21.05% more from 7.66 million shares in 2016Q3 were reported.
Commonwealth Equity Service Incorporated has invested 0% in MFS Government Markets Income Trust (NYSE:MGF). Royal State Bank Of Canada has 24,250 shares for 0% of their portfolio. Envestnet Asset Management Incorporated reported 7,684 shares or 0% of all its holdings. Citigroup invested in 16,551 shares or 0% of the stock. Sit has 0.17% invested in MFS Government Markets Income Trust (NYSE:MGF) for 1.31M shares. Raymond James Financial Advsrs stated it has 0% of its portfolio in MFS Government Markets Income Trust (NYSE:MGF). Retail Bank Of America Corp De reported 10,975 shares stake. Sg Americas Secs Ltd Company invested 0% of its portfolio in MFS Government Markets Income Trust (NYSE:MGF). Laurion Ltd Partnership invested in 76,758 shares. Grace & White New York accumulated 50,492 shares. Kcg Inc owns 139,369 shares for 0.02% of their portfolio. Payden & Rygel has 0.01% invested in MFS Government Markets Income Trust (NYSE:MGF) for 12,433 shares. Fifth Third Bank & Trust has 0% invested in MFS Government Markets Income Trust (NYSE:MGF). Doliver Advsrs has invested 0.23% of its portfolio in MFS Government Markets Income Trust (NYSE:MGF). Lpl Fincl Ltd Liability Com reported 0% in MFS Government Markets Income Trust (NYSE:MGF).

The stock of MFS Government Markets Income Trust (MGF) formed a descending triangle with $5.21 target or 5.00 % above today’s $4.96 share price. The 8 months triangle pattern indicates low risk for the $162.35 million company. If the $5.21 price target is reached, the company will be worth $8.12M more.
The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent.

The stock decreased 0.20% or $0.01 on July 17, reaching $4.96. About 56,460 shares traded. MFS Government Markets Income Trust (NYSE:MGF) has declined 6.33% since July 18, 2016 and is downtrending. It has underperformed by 23.03% the S&P500.

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