Magnetek Inc Stock Forecast
Magnetek Inc stock downgraded to Hold/Accumulate
(Updated on Apr 19, 2024)
The Magnetek Inc stock price gained 1.97% on the last trading day (Friday, 19th Apr 2024), rising from $12.16 to $12.40. 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 3.62% from a day low at $12.17 to a day high of $12.61. The price has risen in 6 of the last 10 days and is up by 2.14% 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, 328 thousand more shares were traded than the day before. In total, 855 thousand shares were bought and sold for approximately $10.60 million.
The stock lies in the middle of a very 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 35.24% during the next 3 months and, with a 90% probability hold a price between $13.45 and $17.66 at the end of this 3-month period.
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MAG Signals & Forecast
The Magnetek Inc 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 $12.06 and $10.42. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 Tuesday, April 09, 2024, and so far it has fallen -1.74%. 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 Magnetek Inc stock
Magnetek Inc finds support from accumulated volume at $12.22 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.440 between high and low, or 3.62%. For the last week, the stock has had daily average volatility of 3.31%.
Our recommended stop-loss: $11.89 (-4.08%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (MAG) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Magnetek Inc to open at $12.39, and during the day (based on 14 day Average True Range), to move between $11.88 and $12.92, which gives a possible trading interval of +/-$0.515 (+/-4.16%) up or down from last closing price. If Magnetek Inc takes out the full calculated possible swing range there will be an estimated 8.31% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $12.22 (1.45%) than the resistance at $12.62 (1.77%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Magnetek Inc stock A Buy?
Magnetek Inc 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.639 Hold/Accumulate Downgraded
Predicted Opening Price for Magnetek Inc of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $12.39 ( 0.0538%) | $12.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MAG
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 12.83 | 3.49 % | |
| R2 | 12.67 | 2.14 % | ||
| R1 | 12.56 | 1.30 % | ||
| Current price: | 12.40 | |||
| Support | S1 | 12.23 | -1.41 % | |
| S2 | 12.12 | -2.25 % | ||
| S3 | 11.95 | -3.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 12.62 | 1.77 % | ||
| Current price | 12.40 | |||
| Support | S1 | 12.22 | -1.45% | |
| S2 | 12.14 | -2.10% | ||
| S3 | 11.77 | -5.08% |
FAQ
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