MNGA Forecast and Technical Stock AnalysisHold candidate since 2019-07-17
MagneGas Corporation fell by -6.78% in the last day ( Wednesday, 17th Jul 2019 ) from $0.45 to $0.42 During day the stock fluctuated 17.37% from a day low at $0.39 to a day high of $0.46. The price has risen in 8 of the last 10 days and is up by 199.64% over the past 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -53.00 million shares and in total 25.60 million shares bought and sold for approximately $10.74 million.
- 30 day high of the MNGA stock price was $0.51 and low was $0.13.
- 90 day high was $0.70 and low was $0.13.
- 52 week high for the MagneGas Corporation - $13.60 and low - $0.13.
MagneGas Corporation lies the upper part of a very wide and falling trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $0.44 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -50.68% during the next 3 months and, with 90% probability hold a price between $0.03 and $0.22 at the end of this period.
MagneGas Corporation holds buy signals from both short- and long-term moving averages, 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 $0.30 and $0.31. A break down below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Tuesday July 16, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Relative Strength Index (RSI)
RSImin/max Values: [ 20 - 80 ]
RSI14 is 73 and the stock is currently not being overbought or oversold
* Stockinvest.us uses dynamical calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
Support & Resistance
On the downside, the stock finds support just below today's level from accumulated volume at $0.38 and $0.35.
There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, MagneGas Corporation finds support just below today's level at $0.38. If this is broken, then the next support from accumulated volume will be at $0.35 and $0.35.
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 $0.07 between high and low, or 17.37%. For the last week, the stock has had a daily average volatility of 26.45%.
Our recommended stoploss: $0.40 (-5.54%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from pivot top found 1 days ago.)
26.45 %Average volatility
Very Low Low Medium High Very High
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. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Hold/Accumulate.
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