Magyar Bancorp, Inc Stock Forecast

Magyar Bancorp, Inc stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 21, 2024)

MGYR Signals & Forecast

The Magyar Bancorp, Inc 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 $11.00 and $11.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 17, 2024, and so far it has risen 5.81%. Further rise is indicated until a new top pivot has been found. Magyar Bancorp, Inc 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Thursday, May 23, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Magyar Bancorp, Inc stock

Magyar Bancorp, Inc finds support from accumulated volume at $11.32 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 $0.81 between high and low, or 7.59%. For the last week the stock has had daily average volatility of 3.56%.

Our recommended stop-loss: $10.94 (-4.71%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 12 days ago.)

Trading Expectations (MGYR) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect Magyar Bancorp, Inc to open at $11.21, and during the day (based on 14 day Average True Range), to move between $11.25 and $11.71, which gives a possible trading interval of +/-$0.227 (+/-1.98%) up or down from last closing price. If Magyar Bancorp, Inc takes out the full calculated possible swing range there will be an estimated 3.95% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $11.32, some $0.160 (1.39%) from the current price of $11.48, our system finds the risk reward attractive.

Is Magyar Bancorp, Inc stock A Buy?

Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Magyar Bancorp, Inc stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 2.066 Buy Candidate Upgraded

Predicted Opening Price for Magyar Bancorp, Inc of Monday, June 24, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.