Magnolia Oil & Gas Corp. Stock Forecast
Magnolia Oil & Gas Corp. stock price up 1.85% on Wednesday
(Updated on Jul 03, 2024)
The Magnolia Oil & Gas Corp. stock price gained 1.85% on the last trading day (Wednesday, 3rd Jul 2024), rising from $25.45 to $25.92. During the last trading day the stock fluctuated 1.94% from a day low at $25.52 to a day high of $26.02. The price has risen in 6 of the last 10 days and is up by 5.07% over the past 2 weeks. Volume fell on the last day by -877 thousand shares and in total, 964 thousand shares were bought and sold for approximately $24.99 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 stockhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $25.45, a level that may pose a second chance to hit a runner. According to fan-theory $27.53 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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MGY Signals & Forecast
The Magnolia Oil & Gas Corp. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $25.41 and $25.04. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 14, 2024, and so far it has risen 8.72%. 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 Magnolia Oil & Gas Corp. stock
Magnolia Oil & Gas Corp. finds support from accumulated volume at $25.88 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 $0.495 (1.94%) between high and low. For the last week, the stock has had daily average volatility of 1.76%.
Our recommended stop-loss: $25.08 (-3.24%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (MGY) For The Upcoming Trading Day Of Friday 5th
For the upcoming trading day on Friday, 5th we expect Magnolia Oil & Gas Corp. to open at $25.82, and during the day (based on 14 day Average True Range), to move between $25.37 and $26.47, which gives a possible trading interval of +/-$0.546 (+/-2.11%) up or down from last closing price. If Magnolia Oil & Gas Corp. takes out the full calculated possible swing range there will be an estimated 4.21% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $25.88 (0.15%) than the resistance at $26.00 (0.31%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Magnolia Oil & Gas Corp. stock A Buy?
Magnolia Oil & Gas Corp. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.662 Hold/Accumulate Unchanged
Predicted Opening Price for Magnolia Oil & Gas Corp. of Friday, July 5, 2024
| Fair opening price July 5, 2024 | Current price |
|---|---|
| $25.82 ( 0.392%) | $25.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGY
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 26.31 | 1.52% |
| R2 | 26.12 | 0.788% |
| R1 | 26.01 | 0.337% |
| Price | 25.92 | |
| S1 | 25.63 | -1.12% |
| S2 | 25.51 | -1.57% |
| S3 | 25.32 | -2.30% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 26.68 | 2.93% |
| R2 | 26.50 | 2.24% |
| R1 | 26.00 | 0.309% |
| Price | 25.92 | |
| S1 | 25.88 | -0.154% |
| S2 | 25.72 | -0.772% |
| S3 | 25.67 | -0.96% |
MGY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 02, 2024 | May 10, 2024 | Jun 03, 2024 | $0.130 | 0.525% |
| 2 | Feb 15, 2024 | Feb 15, 2024 | Mar 01, 2024 | $0.130 | 0.565% |
| 3 | Oct 30, 2023 | Nov 08, 2023 | Dec 01, 2023 | $0.120 | 0.548% |
| 4 | Jul 31, 2023 | Aug 09, 2023 | Sep 01, 2023 | $0.115 | 0.493% |
| 5 | May 01, 2023 | May 10, 2023 | Jun 01, 2023 | $0.115 | 0.599% |
FAQ
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