RSI low/high Values: [ 25 - 75 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
AI Analysis of MAG
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Strong day for Magnetek Inc stock price on Thursday rising 7.09% to $10.58
(Updated on Mar 28, 2024)

Buy or Hold candidate since Mar 27, 2024 Gain 7.09% PDF

The Magnetek Inc stock price gained 7.09% on the last trading day (Thursday, 28th Mar 2024), rising from $9.88 to $10.58. During the last trading day the stock fluctuated 7.07% from a day low at $9.90 to a day high of $10.60. The price has been going up and down for this period, and there has been a 15.75% gain for the last 2 weeks. Volume fell on the last day by -185 thousand shares and in total, 2 million shares were bought and sold for approximately $19.20 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

Given the current short-term trend, the stock is expected to fall -5.38% during the next 3 months and, with a 90% probability hold a price between $7.61 and $10.01 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

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MAG Signals & Forecast

The Magnetek Inc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $9.52 and $8.97. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 28, 2024, and so far it has risen 28.24%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Magnetek Inc stock

On the downside, the stock finds support just below today's level from accumulated volume at $9.88 and $9.21. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Magnetek Inc finds support just below today's level at $9.88. If this is broken, then the next support from accumulated volume will be at $9.21 and $9.19.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.700 between high and low, or 7.07%. For the last week, the stock has had daily average volatility of 5.00%.

Our recommended stop-loss: $10.10 (-4.52%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (MAG) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Magnetek Inc to open at $10.36, and during the day (based on 14 day Average True Range), to move between $10.15 and $11.01, which gives a possible trading interval of +/-$0.431 (+/-4.07%) up or down from last closing price. If Magnetek Inc takes out the full calculated possible swing range there will be an estimated 8.14% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $9.88, some $0.700 (6.62%) from the current price of $10.58, our system finds the risk reward attractive.

Is Magnetek Inc stock A Buy?

Magnetek Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Magnetek Inc of Monday, April 1, 2024

Fair opening price April 1, 2024 Current price
$10.36 ( 2.08%) $10.58

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for MAG

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 11.06 4.54 %
R2 10.79 2.01 %
R1 10.63 0.448 %
Current price: 10.58
Support S1 10.09 -4.61 %
S2 9.93 -6.17 %
S3 9.66 -8.70 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 0 .
R2 0 .
R1 0 .
Current price 10.58
Support S1 9.88 -6.62%
S2 9.21 -12.95%
S3 9.19 -13.14%

FAQ

What is the symbol for Magnetek Inc Stock and on which exchange is it traded?
The symbol for Magnetek Inc is MAG and it is traded on the NYSE (New York Stock Exchange).

Should I buy or sell Magnetek Inc Stock?
Magnetek Inc holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

How to buy Magnetek Inc Stock?
Magnetek Inc Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Magnetek Inc Stock.

What's the current price of Magnetek Inc Stock?
As of the end of day on the 2024-03-28, the price of an Magnetek Inc (MAG) share was $10.58.

What is the 52-week high and low for Magnetek Inc Stock?
The 52-week high for Magnetek Inc Stock is $14.42 and the 52-week low is $8.20.

What is the market capitalization of Magnetek Inc Stock?
As of the 2024-03-28, the market capitalization of Magnetek Inc is 1.089B.

When is the next earnings date for Magnetek Inc?
The upcoming earnings date for Magnetek Inc is May 08, 2024.
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About Magnetek Inc

Magnetek MAG Silver Corp. engages in the exploration and development of precious metal mining properties. The company explores for silver, gold, lead, and zinc deposits. It primarily holds 44% interest in the Juanicipio project located in the Fresnillo District, Zacatecas State, Mexico. The company is headquartered in Vancouver, Canada.... MAG Profile

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