Very red day for Magnolia Oil & Gas Corp. stock price after -5.05% fall in Thursday trading sessionStockInvest.us, 1 year ago
The Magnolia Oil & Gas Corp. stock price fell by -5.05% on the last day (Thursday, 15th Sep 2022) from $24.17 to $22.95. During the last trading day the stock fluctuated 4.14% from a day low at $22.73 to a day high of $23.67. The price has been going up and down for this period, and there has been a -3.85% loss for the last 2 weeks. Volume has increased on the last day by 277 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $41.16 million.
MKM Partners is very positive about MGY and gave it a "" rating on Jul 20, 2022. The price target was set to 26.Over the last 90 days, this security got 3 buy, 0 sell, and 0 hold ratings.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 10.64% during the next 3 months and, with a 90% probability hold a price between $23.42 and $28.57 at the end of this 3-month period.
There are few to no technical positive signals at the moment. The Magnolia Oil & Gas Corp. stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $23.04 and $23.37. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, August 29, 2022, and so far it has fallen -9.43%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
On the downside, the stock finds support just below today's level from accumulated volume at $21.80 and $21.21.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, Magnolia Oil & Gas Corp. finds support just below today's level at $21.80. If this is broken, then the next support from accumulated volume will be at $21.21 and $19.20.
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 $0.94 between high and low, or 4.14%. For the last week, the stock has had daily average volatility of 3.83%.
The Magnolia Oil & Gas Corp. stock holds several negative signals and despite the positive trend, we believe Magnolia Oil & Gas Corp. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Sell candidate.Check full Magnolia Oil & Gas Corp. forecast and analysis here.