$MGI Set To Keep Climbing

MGI is back climbing the charts after finding strong support at the $2 level. With the stock down from 52-week highs above $6, there's a lot of room for MGI to run. About 8% of the float is short.

We've been bullish on MGI since January 17 and the stock has consolidated and due for a move higher to close gaps. Our initial target is $4 a share.

In recent news:

MoneyGram International (NASDAQ:MGI) introduces a new service through which consumers can send money to their friend's mobile phone number via the MoneyGram website and mobile app.

Called MoneyGram FastSend, the new service is supported by Visa (NYSE:V) Direct rails.

To use FastSend, customers log in to the MoneyGram app or website, enter the receiver's name and phone number, and select FastSend. A text is sent to the receiver notifying them that they have funds available for deposit. The receiver then logs in, adds their debit card, and the funds are transferred into their bank account within minutes.

The service costs $1.99 per transaction from debit cards and has a $10,000 limit per transaction.

As always, trade with caution and use protective stops.

Good luck to all!