Magnolia Oil & Gas Corporation: A Path to Improving Performance Amid Challenging Market Conditions Declining Net Income and Strategies for Improvement: Analysing the 49% Drop to $106 Million Magnolia Oil & Gas Corporation has recently experienced a significant 49% decline in net income, resulting in a reduced profit of $106 million. However, the company is...
I like how MGY looks here. In uptrend since Nov 2020, corrected more then 30% from ATH but now after strong earnings is looking to come back. Stop loss 10% down from here.
We are expecting the price to continue the uptrend and retrace to the 78.6% Fib Zone. The Stochastic Oscillator shows the stock is oversold, which indicates a probable pull back to the upside. Also, the price is currently at the lower part of the Keltner Channel, therefore we are expecting it to bounce back and create a higher high. Entry: 24 Invalidation:...
ENTRY: 21.81 SL: 19.27 TP1: 23.83 TP2: 24.53 - ADX>20. - Maintaining at pivot point "P", HVN level and 38%/50% fib level. - Wash and rinse pattern on 8 and 9 Feb 2022. - Strength meter is green hence some strength. - Watch for earnings on 16 Feb 2022. Oil prices are at a high hence earnings should be good. - Entry based on breakout from VZ today but prefer it...
Crude oil looks like it wants to go higher so I took a position in MGY as my energy play. I will trail my stop until I get stopped out. Expected target is $26.55 and from where I bought in, that is a 18.37% profit potential with a 2.59% risk. Got the expected target of $26.55 because MGY looks like a bull flag breakout.
Judging the 18.36 support is working quite well and in line with my bullish energy industry sentiment, I just added more MGY @ $18.42 to my portfolio.
LONG-TERM: Resistance flipping into support with hidden bullish divergence on the 4hr and daily. (Not financial advice)
Well defined chart pattern. Weakness tomorrow will break support trend line and set the stage for the next leg down.
Two scenarios can play out here, more than likely (bullish scenario) plays out 1. (green line) we blast through 6.48 and we reach $7-8+ 2. (red line) we test 6.48 and reject... test 5.47 or 4.65 then BOUNCE BOUNCE!
MGY is in strong bearish trend in the weekly time frame. However, the stock has been establishing a good base in the daily time frame. The daily breakout was accompanied by strong volume.