Magic Empire Global Limited Stock Forecast
Evaluation of Magic Empire Global Limited stock downgraded after the last trading session.
(Updated on May 08, 2024)
The Magic Empire Global Limited stock price fell by -4.47% on the last day (Wednesday, 8th May 2024) from $0.649 to $0.620. During the last trading day the stock fluctuated 4.84% from a day low at $0.620 to a day high of $0.650. The price has been going up and down for this period, and there has been a 0.98% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -48 thousand shares and in total, 38 thousand shares were bought and sold for approximately $23.39 thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -24.14% during the next 3 months and, with a 90% probability hold a price between $0.421 and $0.531 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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MEGL Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Magic Empire Global Limited 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 $0.632 and $0.637. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -9.49%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Magic Empire Global Limited stock
Magic Empire Global Limited finds support from accumulated volume at $0.612 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0.0300 between high and low, or 4.84%. For the last week the stock has had daily average volatility of 5.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MEGL) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Magic Empire Global Limited to open at $0.630, and during the day (based on 14 day Average True Range), to move between $0.576 and $0.664, which gives a possible trading interval of +/-$0.0445 (+/-7.17%) up or down from last closing price. If Magic Empire Global Limited takes out the full calculated possible swing range there will be an estimated 14.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.612 (1.23%) than the resistance at $0.640 (3.23%), 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 Empire Global Limited stock A Buy?
Magic Empire Global Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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 Buy to a Sell candidate.
Current score: -1.889 Sell Candidate Downgraded
Predicted Opening Price for Magic Empire Global Limited of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| $0.630 ( 1.61%) | $0.620 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MEGL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.660 | 6.45 % | |
| R2 | 0.649 | 4.60 % | ||
| R1 | 0.641 | 3.46 % | ||
| Current price: | 0.620 | |||
| Support | S1 | 0.619 | -0.235 % | |
| S2 | 0.611 | -1.38 % | ||
| S3 | 0.600 | -3.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.685 | 10.48 % | |
| R2 | 0.680 | 9.68 % | ||
| R1 | 0.640 | 3.23 % | ||
| Current price | 0.620 | |||
| Support | S1 | 0.612 | -1.23% | |
| S2 | 0.603 | -2.74% | ||
| S3 | 0.602 | -2.90% |
MEGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Oct 03, 2023 | Oct 13, 2023 | Nov 22, 2023 | $0.0100 | 1.13% |
FAQ
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