Magnora ASA Stock Forecast
Magnora ASA stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 10, 2024)
The Magnora ASA stock price gained 1.49% on the last trading day (Friday, 10th May 2024), rising from kr30.15 to kr30.60. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.49% from a day low at kr30.30 to a day high of kr30.75. The price has risen in 7 of the last 10 days and is up by 4.97% over the past 2 weeks. Volume fell on the last day by -66 thousand shares and in total, 91 thousand shares were bought and sold for approximately kr2.77 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and weak 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 7.43% during the next 3 months and, with a 90% probability hold a price between kr31.71 and kr36.06 at the end of this 3-month period.
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MGN.OL Signals & Forecast
Mostly positive signals in the chart today. The Magnora ASA 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 kr30.09 and kr30.52. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 5.34%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Magnora ASA stock
Magnora ASA finds support from accumulated volume at kr30.55 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved kr0.450 between high and low, or 1.49%. For the last week, the stock has had daily average volatility of 2.66%.
Our recommended stop-loss: kr29.24 (-4.45%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (MGN.OL) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Magnora ASA to open at kr30.55, and during the day (based on 14 day Average True Range), to move between kr29.73 and kr31.47, which gives a possible trading interval of +/-kr0.87 (+/-2.83%) up or down from last closing price. If Magnora ASA takes out the full calculated possible swing range there will be an estimated 5.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at kr30.55 (0.16%) than the resistance at kr30.75 (0.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Magnora ASA 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 Magnora ASA 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: 4.835 Buy Candidate Upgraded
Predicted Opening Price for Magnora ASA of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| kr30.55 ( 0.163%) | kr30.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGN.OL
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 31.00 | 1.31 % | |
| R2 | 30.83 | 0.745 % | ||
| R1 | 30.72 | 0.398 % | ||
| Current price: | 30.60 | |||
| Support | S1 | 30.38 | -0.725 % | |
| S2 | 30.27 | -1.07 % | ||
| S3 | 30.10 | -1.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 31.95 | 4.41 % | |
| R2 | 31.00 | 1.31 % | ||
| R1 | 30.75 | 0.490 % | ||
| Current price | 30.60 | |||
| Support | S1 | 30.55 | -0.163% | |
| S2 | 30.20 | -1.31% | ||
| S3 | 30.15 | -1.47% |
MGN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 01, 2024 | Mar 01, 2024 | Mar 01, 2024 | kr0.187 | 0.623% |
| 2 | Oct 26, 2023 | Oct 26, 2023 | Oct 26, 2023 | kr0.187 | 0.583% |
| 3 | Aug 17, 2023 | Aug 17, 2023 | Aug 17, 2023 | kr0.187 | 0.615% |
| 4 | Mar 04, 2020 | Jul 20, 2020 | Jul 24, 2020 | kr0.0800 | 0.762% |
| 5 | Mar 04, 2020 | Mar 10, 2020 | Mar 16, 2020 | kr0.250 | 3.13% |
FAQ
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