MGE Energy Inc. Stock Forecast
MGE Energy Inc. stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The MGE Energy Inc. stock price gained 0.97% on the last trading day (Wednesday, 24th Apr 2024), rising from $78.21 to $78.97. During the last trading day the stock fluctuated 2.64% from a day low at $77.23 to a day high of $79.27. The price has risen in 5 of the last 10 days and is up by 4.54% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 33 thousand more shares were traded than the day before. In total, 169 thousand shares were bought and sold for approximately $13.37 million.
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 23.90% during the next 3 months and, with a 90% probability hold a price between $91.10 and $111.27 at the end of this 3-month period.
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MGEE Signals & Forecast
The MGE Energy Inc. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $76.75 and $77.17. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, March 08, 2024, and so far it has fallen -2.35%. 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).
Support, Risk & Stop-loss for MGE Energy Inc. stock
MGE Energy Inc. finds support from accumulated volume at $77.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.04 (2.64%) between high and low. For the last week, the stock has had daily average volatility of 2.17%.
Our recommended stop-loss: $75.41 (-4.50%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 32 days ago.)
Trading Expectations (MGEE) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect MGE Energy Inc. to open at $78.49, and during the day (based on 14 day Average True Range), to move between $77.29 and $80.65, which gives a possible trading interval of +/-$1.68 (+/-2.12%) up or down from last closing price. If MGE Energy Inc. takes out the full calculated possible swing range there will be an estimated 4.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $79.10 (0.16%) than the support at $77.53 (1.82%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
MGE Energy Inc. will release earnings BMO on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.96. We will update the financials statements for MGE Energy Inc., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 2.21% in the first trading day after earnings release.
Is MGE Energy 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 MGE Energy Inc. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.237 Buy Candidate Upgraded
Predicted Opening Price for MGE Energy Inc. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $78.49 ( 0.608%) | $78.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGEE
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 80.53 | 1.98 % | |
| R2 | 79.75 | 0.99 % | ||
| R1 | 79.27 | 0.379 % | ||
| Current price: | 78.97 | |||
| Support | S1 | 77.71 | -1.59 % | |
| S2 | 77.23 | -2.20 % | ||
| S3 | 76.45 | -3.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 80.63 | 2.10 % | |
| R2 | 79.95 | 1.24 % | ||
| R1 | 79.10 | 0.165 % | ||
| Current price | 78.97 | |||
| Support | S1 | 77.53 | -1.82% | |
| S2 | 75.33 | -4.61% | ||
| S3 | 75.09 | -4.91% |
MGEE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jan 19, 2024 | Feb 29, 2024 | Mar 15, 2024 | $0.428 | 0.569% |
| 2 | Oct 20, 2023 | Nov 30, 2023 | Dec 15, 2023 | $0.430 | 0.586% |
| 3 | Aug 18, 2023 | Aug 31, 2023 | Sep 15, 2023 | $0.428 | 0.578% |
| 4 | May 16, 2023 | May 31, 2023 | Jun 15, 2023 | $0.408 | 0.516% |
| 5 | Jan 20, 2023 | Feb 28, 2023 | Mar 15, 2023 | $0.408 | 0.539% |
FAQ
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