MGIC Technical Analysis - MAGIC SOFTWARE ENTERPRISES

Technical Rating and Analysis

Overall MGIC gets a technical rating of 7 out of 10. In the last year, MGIC was one of the better performers, but we do observe some doubts in the very recent evolution.

The short term is neutral, but the long term trend is still positive. Not much to worry about for now.

When comparing the yearly performance of all stocks, we notice that MGIC is one of the better performing stocks in the market, outperforming 88% of all stocks.

MGIC is one of the better performing stocks in the Software industry, it outperforms 78% of 281 stocks in the same industry.

MGIC is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so MGIC is lagging the market slightly.

In the last month MGIC has a been trading in the 19.00 - 20.98 range, which is quite wide. It is currently trading near the high of this range.

Prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry.

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Technical Analysis

Relative Strength

ChartMill Trend Indicator

Simple Moving Average

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Weekly and Daily overview Charts

MAGIC SOFTWARE ENTERPRISES / MGIC Weekly stock chart

MAGIC SOFTWARE ENTERPRISES / MGIC Daily stock chart

Setup Rating and Analysis

Although MGIC has an excellent technical rating, it does not offer a high 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.

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ChartMill Technical Ratings

Pocket Pivots

Bull Flags

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Support and Resistance Analysis

13.29

21.90

When analyzing the support we can see 5 important areas.

Support @20.49 from a horizontal line in the daily time frame.
A support zone ranging from 19.11 to 20.11. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
Support @18.80 from a horizontal line in the daily time frame.
Support @13.92 from a trend line in the weekly time frame.
Support @13.42 from a trend line in the weekly time frame.

We found 1 important resistance area.

A resistance zone ranging from 21.47 to 21.68. This zone is formed by a combination of multiple trend lines in multiple time frames.

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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	UP	POSITIVE	The long term trend for MGIC is up.
ChartMill Short Term Trend Indicator	NEUTRAL	NEUTRAL	The short term trend for MGIC is neutral.
ChartMill Relative Strength	88.97	POSITIVE	MGIC has a high relative strength, it outperformed 88.97% 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)	DOWN	MIXED	The current price of MGIC is above a declining 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)	59.23	NEUTRAL	The RSI value for MGIC is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	0.11	POSITIVE	The MACD value suggests MGIC has a positive trend.
Stochastics (14,3)	84.81	OVERBOUGHT	The high Stochastics value suggests MGIC may be overbought.
Average True Range in percent/ATR (20)	2.82	MEDIUM VOLATILITY	The ATR as a percentage value for MGIC suggests some volalility.
Average Directional Index/ADX (14)	12.65	NEGATIVE	The low ADX value for MGIC suggests a weak or negative trend.