MAGNA - Normal pullback on the channel expected as seen for now... should have some support possibly..
It is RIDING the weekly channel upward for quite a few months...with pullbacks on the FIB.382 LINE AREAS consistent. Looking for some strong volume to change direction next week. It is quite a bit high above the 50MA, so some cause for concern....but may depend on the overall market. AS DOW NASDAQ Drops hard..so does most every stock in general sense...as we saw this FRIDAY. some exceptions rode UP ie. GME MARA BITCOIN, etc...
NOTE: drilling down closer on charts ---- on the 5 min channel ---- you can see volume jump... 424 K bought right at close 4pm. Lets see if it reverses up next week after this down turn...over the past days since Jan 18 drop.
Right now, Magna is sporting a Zacks Rank of #1 (Strong Buy) Magna earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
"It’s a vehicle parts and mobility technology firm that has recently increased its efforts to benefit from the EV revolution. The company has also raised its stake in the artificial intelligence and autonomous vehicle segments lately. In December 2020, Magna International and LG Electronics — the South Korean tech giant — formed a joint venture. The joint venture aims to help these companies expand in the fast-growing powertrain electrification market. The joint venture would focus on EV components such as e-motors and inverters."
KEY: 50-day moving average
Stock price above the 50-day moving average is considered bullish. Stock price below 50-day moving average is considered bearish. If the price meets the 50 day SMA as support and bounces upwards, you should think long. Stock price meets the 50-day SMA as resistance and bounces downwards, you should think short.
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Disclaimer:
These are just my opinions and current thoughts. Always do your own due diligence, full research, and homework, and consult with your own licensed investment professional before any investments. Any comments and analysis seen here are personal opinions, and we are not registered or licensed in any jurisdiction whatsoever to provide any investing advice. Any analysis, charting and comments should never be used for the purposes of assisting in any advisory decisions with any stock purchase or sale, and never to be used on the basis of making any kind of investment decisions. It is for the sole purposes of opinions and thoughts only of the markets. Thank you.
It is RIDING the weekly channel upward for quite a few months...with pullbacks on the FIB.382 LINE AREAS consistent. Looking for some strong volume to change direction next week. It is quite a bit high above the 50MA, so some cause for concern....but may depend on the overall market. AS DOW NASDAQ Drops hard..so does most every stock in general sense...as we saw this FRIDAY. some exceptions rode UP ie. GME MARA BITCOIN, etc...
NOTE: drilling down closer on charts ---- on the 5 min channel ---- you can see volume jump... 424 K bought right at close 4pm. Lets see if it reverses up next week after this down turn...over the past days since Jan 18 drop.
Right now, Magna is sporting a Zacks Rank of #1 (Strong Buy) Magna earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
"It’s a vehicle parts and mobility technology firm that has recently increased its efforts to benefit from the EV revolution. The company has also raised its stake in the artificial intelligence and autonomous vehicle segments lately. In December 2020, Magna International and LG Electronics — the South Korean tech giant — formed a joint venture. The joint venture aims to help these companies expand in the fast-growing powertrain electrification market. The joint venture would focus on EV components such as e-motors and inverters."
KEY: 50-day moving average
Stock price above the 50-day moving average is considered bullish. Stock price below 50-day moving average is considered bearish. If the price meets the 50 day SMA as support and bounces upwards, you should think long. Stock price meets the 50-day SMA as resistance and bounces downwards, you should think short.
___________________________________
Disclaimer:
These are just my opinions and current thoughts. Always do your own due diligence, full research, and homework, and consult with your own licensed investment professional before any investments. Any comments and analysis seen here are personal opinions, and we are not registered or licensed in any jurisdiction whatsoever to provide any investing advice. Any analysis, charting and comments should never be used for the purposes of assisting in any advisory decisions with any stock purchase or sale, and never to be used on the basis of making any kind of investment decisions. It is for the sole purposes of opinions and thoughts only of the markets. Thank you.