Magic Software Enterprises Ltd. Stock Forecast
Magic Software Enterprises Ltd. stock price ended at $11.55 on Friday, after gaining 0.87%.
(Updated on Apr 19, 2024)
The Magic Software Enterprises Ltd. stock price gained 0.87% on the last trading day (Friday, 19th Apr 2024), rising from $11.45 to $11.55. During the last trading day the stock fluctuated 1.76% from a day low at $11.35 to a day high of $11.55. The price has been going up and down for this period, and there has been a 1.94% gain for the last 2 weeks. Volume fell on the last day by -15 thousand shares and in total, 44 thousand shares were bought and sold for approximately $511.34 thousand. 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.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $11.29 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 15.49% during the next 3 months and, with a 90% probability hold a price between $13.03 and $14.82 at the end of this 3-month period.
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MGIC Signals & Forecast
There are few to no technical positive signals at the moment. The Magic Software Enterprises Ltd. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $11.65 and $11.56. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, March 20, 2024, and so far it has fallen -5.71%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Magic Software Enterprises Ltd. stock
Magic Software Enterprises Ltd. finds support from accumulated volume at $11.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.200 between high and low, or 1.76%. For the last week the stock has had daily average volatility of 2.59%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MGIC) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Magic Software Enterprises Ltd. to open at $11.48, and during the day (based on 14 day Average True Range), to move between $11.24 and $11.86, which gives a possible trading interval of +/-$0.314 (+/-2.72%) up or down from last closing price. If Magic Software Enterprises Ltd. takes out the full calculated possible swing range there will be an estimated 5.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $11.53 (0.17%) than the resistance at $11.72 (1.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Magic Software Enterprises Ltd. stock A Buy?
The Magic Software Enterprises Ltd. stock holds several negative signals and despite the positive trend, we believe Magic Software Enterprises Ltd. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.369 Sell Candidate Unchanged
Predicted Opening Price for Magic Software Enterprises Ltd. of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $11.48 ( 0.577%) | $11.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGIC
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.68 | 1.15 % | |
| R2 | 11.61 | 0.493 % | ||
| R1 | 11.56 | 0.0843 % | ||
| Current price: | 11.55 | |||
| Support | S1 | 11.41 | -1.24 % | |
| S2 | 11.36 | -1.65 % | ||
| S3 | 11.28 | -2.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.24 | 5.97 % | |
| R2 | 11.81 | 2.25 % | ||
| R1 | 11.72 | 1.47 % | ||
| Current price | 11.55 | |||
| Support | S1 | 11.53 | -0.173% | |
| S2 | 11.45 | -0.87% | ||
| S3 | 10.71 | -7.27% |
MGIC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 14, 2023 | Aug 29, 2023 | Sep 13, 2023 | $0.327 | 2.88% |
| 2 | Mar 09, 2023 | Apr 06, 2023 | Apr 20, 2023 | $0.300 | 2.32% |
| 3 | Aug 12, 2022 | Aug 29, 2022 | Sep 13, 2022 | $0.290 | 1.75% |
| 4 | Mar 02, 2022 | Mar 23, 2022 | Apr 07, 2022 | $0.216 | 1.24% |
| 5 | Aug 13, 2021 | Aug 27, 2021 | Sep 14, 2021 | $0.234 | 1.13% |
FAQ
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