Magic Software Enterprises Ltd. Stock Forecast
Stronger technical forecast for Magic Software Enterprises Ltd. stock price after Thursday trading.
(Updated on May 02, 2024)
The Magic Software Enterprises Ltd. stock price gained 1.54% on the last trading day (Thursday, 2nd May 2024), rising from $11.72 to $11.90. During the last trading day the stock fluctuated 2.72% from a day low at $11.60 to a day high of $11.92. The price has risen in 6 of the last 10 days and is up by 3.93% 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, 181 more shares were traded than the day before. In total, 54 thousand shares were bought and sold for approximately $643.71 thousand.
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 11.84% during the next 3 months and, with a 90% probability hold a price between $12.67 and $14.45 at the end of this 3-month period.
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MGIC Signals & Forecast
The Magic Software Enterprises Ltd. 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 $11.74 and $11.78. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Magic Software Enterprises Ltd. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 Wednesday, March 20, 2024, and so far it has fallen -2.86%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Magic Software Enterprises Ltd. stock
Magic Software Enterprises Ltd. finds support from accumulated volume at $11.81 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.315 between high and low, or 2.72%. For the last week the stock has had daily average volatility of 1.69%.
Our recommended stop-loss: $11.37 (-4.47%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 30 days ago.)
Trading Expectations (MGIC) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Magic Software Enterprises Ltd. to open at $11.81, and during the day (based on 14 day Average True Range), to move between $11.63 and $12.17, which gives a possible trading interval of +/-$0.271 (+/-2.28%) 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 4.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $11.97 (0.59%) than the support at $11.81 (0.76%), 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?
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 Magic Software Enterprises Ltd. stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.290 Buy Candidate Upgraded
Predicted Opening Price for Magic Software Enterprises Ltd. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $11.81 ( 0.798%) | $11.90 |
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 | 12.12 | 1.85 % | |
| R2 | 12.00 | 0.84 % | ||
| R1 | 11.93 | 0.213 % | ||
| Current price: | 11.90 | |||
| Support | S1 | 11.68 | -1.81 % | |
| S2 | 11.61 | -2.43 % | ||
| S3 | 11.49 | -3.45 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.24 | 2.86 % | |
| R2 | 12.04 | 1.18 % | ||
| R1 | 11.97 | 0.588 % | ||
| Current price | 11.90 | |||
| Support | S1 | 11.81 | -0.756% | |
| S2 | 11.53 | -3.11% | ||
| S3 | 11.45 | -3.78% |
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% |
FAQ
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