Interesting Technical Analysis finding for MAGNOLIA OIL & GAS CORP - A (NYSE:MGY)

Our stock screener has spotted MAGNOLIA OIL & GAS CORP - A (NYSE:MGY) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:MGY.

What is the technical picture of NYSE:MGY telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to MGY. Although MGY is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• In the last month MGY has a been trading in the 21.71 - 23.68 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When compared to the yearly performance of all other stocks, MGY outperforms 65% of them, which is more or less in line with the market.
• MGY is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 50% of 217 stocks in the same industry.
• MGY is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so MGY is lagging the market slightly.

Our latest full technical report of MGY contains the most current technical analsysis.

Looking at the Setup

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:MGY is 9:

MGY has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 22.98. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 22.20, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for MGY in the last couple of days, which is a good sign.

Trading setups like NYSE:MGY

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.