MAGIC SOFTWARE ENTERPRISES (MGIC) Stock Technical Analysis
NASDAQ:MGIC - Nasdaq - IL0010823123 - Common Stock - Currency: USD
Overall MGIC gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, MGIC is showing a nice and steady performance.
Both the short term and long term trends are positive. This is a very positive sign.
Looking at the yearly performance, MGIC did better than 94% of all other stocks.
MGIC is one of the better performing stocks in the Software industry, it outperforms 87% of 282 stocks in the same industry.
MGIC 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.
In the last month MGIC has a been trading in the 17.93 - 22.00 range, which is quite wide. It is currently trading near the high of this range.
Considerably lower volume is observed in the last couple of days.
Besides having an excellent technical rating, MGIC also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. We notice that large players showed an interest for MGIC in the last couple of days, which is a good sign.
- Behavior of large players is measured by the Effective Volume indicator. This indicator inspects the 1 minute timeframe looking for high volume transactions.
More info and screens
11.59
21.91
We found 5 important support areas.
- A support zone ranging from 20.46 to 20.73. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame.
- Support @16.83 from a trend line in the daily time frame.
- Support @15.02 from a horizontal line in the daily time frame.
- A support zone ranging from 13.15 to 13.27. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Support @11.71 from a trend line in the weekly time frame.
We found 1 important resistance area.
- A resistance zone ranging from 21.69 to 21.69. 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 MGIC is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for MGIC is up. |
| ChartMill Relative Strength | 94.64 | POSITIVE | MGIC has a high relative strength, it outperformed 94.64% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | POSITIVE | The current price of MGIC is above the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of MGIC is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of MGIC is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 74.4 | OVERBOUGHT | The high RSI value suggests MGIC may be overbought. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.08 | NEGATIVE | The MACD value suggests MGIC has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 78.34 | NEUTRAL | The Stochastics value for MGIC is a neutral value. |
| Average True Range in percent/ATR (20) | 2.89 | MEDIUM VOLATILITY | The ATR as a percentage value for MGIC suggests some volalility. |
| Average Directional Index/ADX (14) | 47.07 | POSITIVE | The high ADX value value for MGIC suggests a strong trend. |
Daily CandleStick Patterns
Bullish Engulfing (D)
Bullish Hammer (D)
Bearish Inverted Hammer (D)
Hanging Man (D)
Bullish Harami (D)
Doji (D)
Gravestone Doji (D)
DragonFly Doji (D)
Bearish Engulfing (D)
Bearish Shooting Star (D)
Bearish Harami (D)
Inside Bar (D)
Red Dog Reversal Down (D)
Red Dog Reversal Up (D)
Dark Cloud Cover (D)
Weekly CandleStick Patterns
Bullish Engulfing (W)
Bullish Hammer (W)
Bearish Inverted Hammer (W)
Hanging Man (W)
Bullish Harami (W)
Doji (W)
Gravestone Doji (W)
DragonFly Doji (W)
Bearish Engulfing (W)
Bearish Shooting Star (W)
Bearish Harami (W)
Inside Bar (W)
Dark Cloud Cover (W)
Daily Chart Patterns
Bull Flag
Bear Flag
Ascending Triangle (D)
Descending Triangle (D)
Symmetrical Triangle (D)
Squeeze
Channel (D)
Channel Up (D)
Channel Down (D)
Rising Wedge (D)
Falling Wedge (D)
Double Bottom (D)
Multiple Bottom (D)
Double Top (D)
Multiple Top (D)
Weekly Chart Patterns
Weekly Bull Flag
Weekly Bear Flag
Squeeze Week
Channel (W)
Double Bottom (W)
Multiple Bottom (W)
Double Top (W)
Multiple Top (W)
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 |
|---|---|---|---|
| 21.70 | 20.49 | 1.21 (5.58%) | 17.93% |
| An entry @21.70. This is a Buy Stop order right above the resistance zone. | An exit @20.49. This is a Stop Loss order right below the 10 day low. | The trade has a worst case loss of 1.21 points, which is 5.58%. | When investing 17.93% of your capital in this trade, your total portfolio risk will be 1.00%. |
- 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.
21.68
+0.24 (+1.12%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorInformation Technology
GICS IndustrySoftware
Performance
% Chg1.12%
1 Week4.18%
2 Weeks0.05%
1 Month21.12%
3 Month56.2%
6 Month68.72%
12 Month85.62%
2 Year72.75%
3 Year10.33%
5 Year80.82%
10 Year240.88%
15 Year763.75%
Volatility
ATR(14)0.63
ATR(20)%2.89%
ATR Inc-34.63%
Range Today0.31
ADR(20)0.51
ADR(20)%2.36%
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS94.64
Mansfield4.96
10 Day High22
10 Day Low20.5
20 Day High22
20 Day Low17.93
52 Week High22
52 Week Low9.64
CS1 End20.73
CR1 Start21.69
Volume & EV
DER(3)2.48%
DER(5)3.14%
Volume37.60K
Volume Incr-50.39%
Vol(5)46.00K
Vol(50)74.89K