Magnetek Inc Stock Forecast
Evaluation of Magnetek Inc stock downgraded after the last trading session.
(Updated on Apr 26, 2024)
No changes to the price of Magnetek Inc stock on the last trading day (Friday, 26th Apr 2024). During the last trading day the stock fluctuated 4.15% from a day low at $12.72 to a day high of $13.25. The price has risen in 5 of the last 10 days and is up by 8.54% over the past 2 weeks.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $13.03 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 49.59% during the next 3 months and, with a 90% probability hold a price between $15.77 and $19.49 at the end of this 3-month period.
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MAG Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen 0%. 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 price remained unchanged. This may be an early warning, but it may also not. We still recommend that you pay attention over the next couple of days. 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 $12.36 and $10.91. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Magnetek Inc stock
On the downside, the stock finds support just below today's level from accumulated volume at $12.22 and $12.14. 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 $12.22. If this is broken, then the next support from accumulated volume will be at $12.14 and $11.77.
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 $0.528 between high and low, or 4.15%. For the last week, the stock has had daily average volatility of 4.71%.
Our recommended stop-loss: $12.46 (-3.82%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (MAG) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Magnetek Inc to open at $12.98, and during the day (based on 14 day Average True Range), to move between $12.41 and $13.51, which gives a possible trading interval of +/-$0.548 (+/-4.23%) up or down from last closing price. If Magnetek Inc takes out the full calculated possible swing range there will be an estimated 8.46% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $12.22, some $0.740 (5.71%) from the current price of $12.96, our system finds the risk reward attractive.
Is Magnetek Inc stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Magnetek Inc stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.548 Buy Candidate Downgraded
Predicted Opening Price for Magnetek Inc of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $12.98 ( 0.134%) | $12.96 |
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 | 13.51 | 4.21 % | |
| R2 | 13.30 | 2.65 % | ||
| R1 | 13.18 | 1.69 % | ||
| Current price: | 12.96 | |||
| Support | S1 | 12.78 | -1.42 % | |
| S2 | 12.65 | -2.38 % | ||
| S3 | 12.45 | -3.94 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 12.96 | |||
| Support | S1 | 12.22 | -5.71% | |
| S2 | 12.14 | -6.33% | ||
| S3 | 11.77 | -9.18% |
FAQ
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