MagneGas Corporation Stock Analysis
Technical stock analysis for Wed 12'th Dec 2018
MagneGas Corporation gained 2.94% in the last trading day, rising from $0.27 to $0.28 The price has fallen in 6 of the last 10 days and is down by -4.89% for this period. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 4.03 million more shares were traded than the day before. In total, 8.00 million shares bought and sold for approximately $2.24 million.
MagneGas Corporation lies in the lower part of a very wide and strong rising trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at $0.23 will firstly indicate a slower raising rate, but may also be a early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 30.41% during the next 3 months and, with 90% probability hold a price between $0.30 and $0.68 at the end of this period.
There are mixed signals in the stock today. MagneGas Corporation holds sales signals from both short- and long-term moving averages. On corrections up there will be some resistance from the lines at $0.29 and $0.28. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Tuesday December 11, 2018, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal.
Relative Strength Index (RSI)
RSI14 is 46 and the stock is currently not being overbought or oversold
Support & Resistance
MagneGas Corporation finds support from accumulated volume at $0.27.
This stock may move much during a 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 $0.03 between high and low, or 10.15%. For the last week, the stock has had a daily average volatility of 7.65%.
Our recommended stoploss: $0.26 (-6.37%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from pivot bottom found 1 days ago.)
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MagneGas Corporation holds several positive signals, but we still don't find these to be enough for a buy-recommendation. At the current level we recommend to hold or accumulate in this position whilst awaiting for further development. We have upgraded our recommendation for this stock since last evaluation from a Sell Candidate to a Hold/Accumulate.
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