MAGIC SOFTWARE ENTERPRISES (MGIC) Technical Analysis
NASDAQ:MGIC • IL0010823123
Overall MGIC gets a technical rating of 1 out of 10. 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.
- The short term trend is negative, as is the long term trend. There should be more interesting stocks out there.
- 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 part of the Software industry. There are 277 other stocks in this industry. MGIC outperforms 84% of them.
- When compared to the yearly performance of all other stocks, MGIC outperforms 65% of them, which is more or less in line with the market.
- 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.
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
14.36
2 important support areas can be observed.
- Support @15.29 from a trend line in the weekly time frame.
- Support @14.51 from a trend line in the weekly time frame.
3 important resistance areas can be observed.
- 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.
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 Technicals: Chart, Performance Metrics, Trend & Indicators
17.38
-2.02 (-10.41%)
MAGIC SOFTWARE ENTERPRISES / MGIC 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 MGIC stock?
MAGIC SOFTWARE ENTERPRISES (MGIC) has an RSI value of 30.7051. This indicates that the stock is currently neutral.
What is the MACD signal for MAGIC SOFTWARE ENTERPRISES (MGIC) stock?
The MACD indicator for MAGIC SOFTWARE ENTERPRISES (MGIC) has a value of -0.428632, indicating a bearish trend.
Can you provide the buy/sell signal for MAGIC SOFTWARE ENTERPRISES?
The buy/sell signal for MAGIC SOFTWARE ENTERPRISES (MGIC) is sell as both the short term and long term trends are negative.