Does MFS Government Markets Income Trust (MGF) Have Any Gas After Forming This Bullish Descending Triangle Chart Pattern?

July 17, 2017 - By Migdalia James

Investors sentiment increased to 1.08 in 2016 Q4. 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.
Envestnet Asset Inc owns 7,684 shares. Doliver Capital Advisors holds 0.23% of its portfolio in MFS Government Markets Income Trust (NYSE:MGF) for 52,999 shares. National Bank & Trust Of America Corporation De, North Carolina-based fund reported 10,975 shares. Citigroup invested 0% in MFS Government Markets Income Trust (NYSE:MGF). Fiera Capital has invested 0% in MFS Government Markets Income Trust (NYSE:MGF). Pnc Financial Gp has 0% invested in MFS Government Markets Income Trust (NYSE:MGF) for 500 shares. Morgan Stanley stated it has 87,900 shares. Raymond James Associate invested 0% in MFS Government Markets Income Trust (NYSE:MGF). New York-based Laurion Capital Management L P has invested 0% in MFS Government Markets Income Trust (NYSE:MGF). Raymond James Fin Svcs Advsr has 20,180 shares for 0% of their portfolio. Invesco reported 0% stake. Greatmark Investment Ptnrs has 10,250 shares for 0.02% of their portfolio. Commonwealth Equity Service owns 0% invested in MFS Government Markets Income Trust (NYSE:MGF) for 83,267 shares. Payden & Rygel reported 12,433 shares. Fifth Third National Bank stated it has 76,077 shares or 0% of all its holdings.

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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