MAGIC SOFTWARE ENTERPRISES (MGIC) Technical Analysis
NASDAQ:MGIC • IL0010823123
Current stock price
MGIC Technical Rating and Analysis
We assign a technical rating of 1 out of 10 to MGIC. MGIC has been an average performer in the overall market. Also recent evolutions are not that positive: both the medium and short term time frames give negative signs.
- Both the long and short term trends are negative. It is better to avoid buying stocks with negative trends.
- In the last month MGIC has a been trading in the 17.06 - 27.35 range, which is quite wide. It is currently trading near the lows of this range.
- Prices have been falling strongly lately, it is better to avoid new long positions here.
- Volume is considerably higher in the last couple of days. In combination with the strong move down this is a bad signal.
- MGIC is one of the better performing stocks in the Software industry, it outperforms 85% of 272 stocks in the same industry.
- When comparing the performance of all stocks over the past year, MGIC turns out to be only a medium performer in the overall market: it outperformed 65% of all stocks.
- MGIC is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so MGIC is lagging the market.
MGIC Weekly and Daily overview Charts
MGIC Setup Rating and Analysis
The technical rating of MGIC is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.
More info and screens
MGIC Support and Resistance Analysis
14.36
We found 2 important support areas.
- Support @15.29 from a trend line in the weekly time frame.
- Support @14.51 from a trend line in the weekly time frame.
We can see 3 important resistance areas.
- Resistance @17.40 from a trend line in the daily time frame.
- A resistance zone ranging from 19.40 to 19.50. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Resistance @27.24 from a horizontal line in the daily time frame.
MGIC Technical Indicator Signal Analysis
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 | DOWN | NEGATIVE | The long term trend for MGIC is down. |
| ChartMill Short Term Trend Indicator | DOWN | NEGATIVE | The short term trend for MGIC is down. |
| ChartMill Relative Strength | 65.79 | NEUTRAL | MGIC is not amongst the best or worst performers on the market. |
| Simple Moving Average/SMA (20) | DOWN | NEGATIVE | The current price of MGIC is below a declining SMA(20). |
| Simple Moving Average/SMA (50) | DOWN | NEGATIVE | The current price of MGIC is below a declining SMA(50). |
| Simple Moving Average/SMA (200) | UP | MIXED | The current price of MGIC is below the rising SMA(200). |
| Relative Strength Index/RSI (14) | 30.71 | NEUTRAL | The RSI value for MGIC is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.43 | NEGATIVE | The MACD value suggests MGIC has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 15.46 | OVERSOLD | The low Stochastics value suggests MGIC may be oversold. |
| Average True Range in percent/ATR (20) | 7.83 | HIGH VOLATILITY | The high ATR as a percentage value for MGIC suggests high volalility. |
| Average Directional Index/ADX (14) | 36.86 | POSITIVE | The high ADX value value for MGIC suggests a strong trend. |
MGIC Chart- and CandleStick Pattern Analysis
MGIC Technicals: Chart, Performance Metrics, Trend & Indicators
17.38
-2.02 (-10.41%)
MAGIC SOFTWARE ENTERPRISES / MGIC TA FAQ
Can you provide the ChartMill technical rating for MAGIC SOFTWARE ENTERPRISES?
ChartMill assigns a technical rating of 1 / 10 to MGIC.
Can you provide the trend direction for MAGIC SOFTWARE ENTERPRISES?
The current trend direction for MAGIC SOFTWARE ENTERPRISES (MGIC) is Bearish.
What is the RSI signal for MAGIC SOFTWARE ENTERPRISES (MGIC) stock?
MAGIC SOFTWARE ENTERPRISES (MGIC) has an RSI value of 30.7051. This indicates that the stock is currently neutral.
Can you provide the MACD signal for MAGIC SOFTWARE ENTERPRISES?
The MACD indicator for MAGIC SOFTWARE ENTERPRISES (MGIC) has a value of -0.428632, indicating a bearish trend.
What are the support and resistance levels for MAGIC SOFTWARE ENTERPRISES (MGIC) stock?
MAGIC SOFTWARE ENTERPRISES (MGIC) has a support level at 15.29 and a resistance level at 17.4. Check the full technical report for our detailed analysis of MGIC support and resistance levels.