Magnet Forensics Inc (MAGT.CA) Stock Technical Analysis
Canada • Toronto Stock Exchange • TSX:MAGT • CA55940P1018
Taking everything into account, MAGT scores 7 out of 10 in our technical rating. Both in the recent history as in the last year, MAGT has proven to be a steady performer, scoring decent points in every aspect analyzed.
- The long and short term trends are both positive. This is looking good!
- MAGT is one of the better performing stocks in the Software industry, it outperforms 98% of 66 stocks in the same industry.
- MAGT is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
- MAGT is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
- When comparing the yearly performance of all stocks, we notice that MAGT is one of the better performing stocks in the market, outperforming 95% of all stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
- In the last month MAGT has a been trading in a tight range between 43.42 and 44.49.
Besides having an excellent technical rating, MAGT also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a support zone below the current price at 44.21, a Stop Loss order could be placed below this zone.
More info and screens
28.75
2 important support areas can be observed.
- A support zone ranging from 43.80 to 44.21. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Support @29.04 from a trend line in the weekly time frame.
When analyzing the resistance we notice one important area.
- A resistance zone ranging from 44.57 to 44.99. This zone is formed by a combination of multiple trend lines in multiple time frames.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for MAGT.CA is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for MAGT.CA is up. |
| ChartMill Relative Strength | 95.37 | POSITIVE | MAGT.CA has a high relative strength, it outperformed 95.37% off all stocks on the market. |
| Simple Moving Average/SMA (20) | DOWN | MIXED | The current price of MAGT.CA is above a declining SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of MAGT.CA is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of MAGT.CA is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 55.44 | NEUTRAL | The RSI value for MAGT.CA is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.02 | NEGATIVE | The MACD value suggests MAGT.CA has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 96.99 | OVERBOUGHT | The high Stochastics value suggests MAGT.CA may be overbought. |
| Average True Range in percent/ATR (20) | 0.55 | LOW VOLATILITY | The low ATR as a percentage value for MAGT.CA suggests low volalility. |
| Average Directional Index/ADX (14) | 16.04 | NEGATIVE | The low ADX value for MAGT.CA suggests a weak or negative trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 44.27 | 44.04 | 0.23 (0.52%) | 25.00% |
| An entry @44.27. This is a Buy Stop order right above the 10 day high. | An exit @44.04. This is a Stop Loss order right below the 10 day low. | The worst case loss on the trade is limited to 0.23 points, which is 0.52%. | When investing 25.00% of your capital in this trade, your total portfolio risk will be 0.13%. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
TSX:MAGT (4/11/2023, 7:00:00 PM)
44.24
0 (0%)
Magnet Forensics Inc / MAGT.CA FAQ
What is the ChartMill technical rating of Magnet Forensics Inc (MAGT.CA) stock?
ChartMill assigns a technical rating of 6 / 10 to MAGT.CA.
What is the trend direction for MAGT stock?
The current trend direction for Magnet Forensics Inc (MAGT.CA) is Bullish.
What is the RSI signal for Magnet Forensics Inc (MAGT.CA) stock?
Magnet Forensics Inc (MAGT.CA) has an RSI value of 55.4372. This indicates that the stock is currently neutral.
Can you provide the MACD signal for Magnet Forensics Inc?
The MACD indicator for Magnet Forensics Inc (MAGT.CA) has a value of -0.0174573, indicating a bearish trend.
Can you provide the short term momentum for Magnet Forensics Inc?
The short term momentum for Magnet Forensics Inc (MAGT.CA) is positive.