Magic Software Enterprises Ltd. Stock Forecast
Magic Software Enterprises Ltd. stock downgraded to Sell Candidate
(Updated on Apr 18, 2024)
The Magic Software Enterprises Ltd. stock price fell by -1.46% on the last day (Thursday, 18th Apr 2024) from $11.62 to $11.45. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 2.65% from a day low at $11.32 to a day high of $11.62. The price has fallen in 6 of the last 10 days. 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 -19 thousand shares and in total, 59 thousand shares were bought and sold for approximately $677.82 thousand.
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 $11.25 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 15.46% during the next 3 months and, with a 90% probability hold a price between $12.99 and $14.78 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 $11.70 and $11.55. 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 -6.53%. 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 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.
Support, Risk & Stop-loss for Magic Software Enterprises Ltd. stock
On the downside, the stock finds support just below today's level from accumulated volume at $10.71 and $10.57. 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, Magic Software Enterprises Ltd. finds support just below today's level at $10.71. If this is broken, then the next support from accumulated volume will be at $10.57 and $9.99.
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 $0.300 between high and low, or 2.65%. For the last week the stock has had daily average volatility of 2.61%.
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 Friday 19th
For the upcoming trading day on Friday, 19th we expect Magic Software Enterprises Ltd. to open at $11.46, and during the day (based on 14 day Average True Range), to move between $11.13 and $11.77, which gives a possible trading interval of +/-$0.323 (+/-2.82%) 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 5.64% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.53 (0.70%) than the support at $10.71 (6.46%), 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.
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. 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: -4.219 Sell Candidate Downgraded
Predicted Opening Price for Magic Software Enterprises Ltd. of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $11.46 ( 0.116%) | $11.45 |
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 | 11.76 | 2.74 % | |
| R2 | 11.65 | 1.74 % | ||
| R1 | 11.58 | 1.12 % | ||
| Current price: | 11.45 | |||
| Support | S1 | 11.35 | -0.88 % | |
| S2 | 11.28 | -1.50 % | ||
| S3 | 11.16 | -2.50 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.24 | 6.90 % | |
| R2 | 11.81 | 3.14 % | ||
| R1 | 11.53 | 0.699 % | ||
| Current price | 11.45 | |||
| Support | S1 | 10.71 | -6.46% | |
| S2 | 10.57 | -7.69% | ||
| S3 | 9.99 | -12.75% |
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% |
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