Magnolia Oil & Gas Corp. Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Magnolia Oil & Gas Corp. stock price up 1.30% on Thursday
(Updated on May 02, 2024)
The Magnolia Oil & Gas Corp. stock price gained 1.30% on the last trading day (Thursday, 2nd May 2024), rising from $24.59 to $24.91. During the last trading day the stock fluctuated 1.35% from a day low at $24.77 to a day high of $25.10. The price has risen in 7 of the last 10 days but is still down by -3% for this period. Volume fell on the last day by -379 thousand shares and in total, 2 million shares were bought and sold for approximately $52.22 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 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 $24.70 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 29.55% during the next 3 months and, with a 90% probability hold a price between $32.00 and $37.62 at the end of this 3-month period.
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MGY Signals & Forecast
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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Magnolia Oil & Gas Corp. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $25.68 and $25.71. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -7.67%. 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 Magnolia Oil & Gas Corp. stock
Magnolia Oil & Gas Corp. finds support from accumulated volume at $23.86 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 $0.335 (1.35%) between high and low. For the last week, the stock has had daily average volatility of 2.30%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MGY) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Magnolia Oil & Gas Corp. to open at $24.93, and during the day (based on 14 day Average True Range), to move between $24.32 and $25.50, which gives a possible trading interval of +/-$0.589 (+/-2.36%) 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 4.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $25.95 (4.18%) than the support at $23.86 (4.22%), 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
Magnolia Oil & Gas Corp. will release earnings AMC on Tuesday, May 07, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.440. We will update the financials statements for Magnolia Oil & Gas Corp., that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.30% in the first trading day after earnings release.
Is Magnolia Oil & Gas Corp. stock A Buy?
The Magnolia Oil & Gas Corp. stock holds several negative signals and despite the positive trend, we believe Magnolia Oil & Gas Corp. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.404 Sell Candidate Unchanged
Predicted Opening Price for Magnolia Oil & Gas Corp. of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $24.93 ( 0.0602%) | $24.91 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 25.26 | 1.41 % | |
| R2 | 25.13 | 0.89 % | ||
| R1 | 25.05 | 0.574 % | ||
| Current price: | 24.91 | |||
| Support | S1 | 24.80 | -0.454 % | |
| S2 | 24.72 | -0.771 % | ||
| S3 | 24.59 | -1.28 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 26.68 | 7.11 % | |
| R2 | 26.19 | 5.14 % | ||
| R1 | 25.95 | 4.18 % | ||
| Current price | 24.91 | |||
| Support | S1 | 23.86 | -4.22% | |
| S2 | 23.49 | -5.70% | ||
| S3 | 23.27 | -6.58% |
MGY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 15, 2024 | Feb 15, 2024 | Mar 01, 2024 | $0.130 | 0.565% |
| 2 | Oct 30, 2023 | Nov 08, 2023 | Dec 01, 2023 | $0.120 | 0.548% |
| 3 | Jul 31, 2023 | Aug 09, 2023 | Sep 01, 2023 | $0.115 | 0.493% |
| 4 | May 01, 2023 | May 10, 2023 | Jun 01, 2023 | $0.115 | 0.599% |
| 5 | Jan 31, 2023 | Feb 09, 2023 | Mar 01, 2023 | $0.115 | 0.514% |
FAQ
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