Magellan Petroleum Corp Stock Analysis
Technical stock analysis for 22 January 2019
No changes to the price of Magellan Petroleum Corp in the last trading day. The price has risen in 6 of the last 10 days and is up by 6.91% over the past 2 weeks.
Close price at the end of the last trading day (Tuesday, 22nd Jan 2019) of the TELL stock was $8.35.
During day the stock fluctuated 0.00% from a day low at $8.35 to a day high of $8.35.
30 day high of the TELL stock price was $8.64 and low was $5.91.
90 day high was $9.12 and low was $5.90.
52 week high for the Magellan Petroleum Corp - $12.45 and low - $5.90.
Magellan Petroleum Corp 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 $8.48 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 -7.55% during the next 3 months and, with 90% probability hold a price between $5.32 and $7.84 at the end of this period.
Magellan Petroleum Corp holds buy signals from both short- and long-term moving averages. In addition, 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 $7.99 and $7.19. 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 Friday January 18, 2019, which indicates further falls until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Relative Strength Index (RSI)
RSI14 is 70 and the stock is currently not being overbought or oversold
Support & Resistance
Magellan Petroleum Corp finds support from accumulated volume at $8.25.
This stock may move much during a day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.00 between high and low, or 0.00%. For the last week the stock has had a daily average volatility of 4.11%.
Our recommended stoploss: $8.05 (-3.60%) (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.)
Very Low Low Medium High Very High
Magellan Petroleum Corp 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.
|TELL $8.35 $0.00(0.00%)|
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