Looking at the Technicals for Magellan Global Equities (MHG.AX) – Baxter Review


The twenty one day Wilder Moving Average has been seen above the fifty day Simple Moving Average on shares of Magellan Global Equities (MHG.AX). Traders following these lines may be tracking the stock and checking for a strong near-term trend.

Let’s view some technical levels on shares of Magellan Global Equities (MHG.AX). Presently, the 14 day Williams %R is -50.00. Readings may range from 0 to -100. A Williams %R that lands between -80 to -100 is typically seen as being in strong oversold territory. A reading between 0 to -20 would represent a strong overbought condition. As a momentum indicator, the Williams R% has the ability to be used with other technicals to help define a specific trend.

When looking at technical levels, traders should not overlook the RSI reading as it often can dictate if momentum has pushed past a key metric. 53.12, the 7-day stands at 51.34, and the 3-day is sitting at 50.05. The Relative Strength Index (RSI) oscillates between 0 and 100. Generally, the RSI is considered to be oversold when it falls below 30 and overbought when it heads above 70.

Moving averages can help spot trends and price reversals. They may also be used to help find support or resistance levels. Moving averages are considered to be lagging indicators meaning that they confirm trends. A certain stock may be considered to be on an uptrend if trading above a moving average and the average is sloping upward. On the other side, a stock may be considered to be in a downtrend if trading below the moving average and sloping downward. Shares of Magellan Global Equities (MHG.AX) have a 7-day moving average of 2.86.

The Average Directional Index or ADX is a popular technical indicator designed to help measure trend strength. Many traders will use the ADX in combination with other indicators in order to help formulate trading strategies. Presently, the 14-day ADX for Magellan Global Equities (MHG.AX) is 9.48. In general, an ADX value from 0-25 would indicate an absent or weak trend. A value of 25-50 would indicate a strong trend. A value of 50-75 would signal a very strong trend, and a value of 75-100 would indicate an extremely strong trend. The ADX alone was designed to measure trend strength. When combined with the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI), it can help decipher the trend direction as well.

Magellan Global Equities (MHG.AX) presently has a 14-day Commodity Channel Index (CCI) of 41.82. Typically, the CCI oscillates above and below a zero line. Normal oscillations tend to stay in the range of -100 to +100. A CCI reading of +100 may represent overbought conditions, while readings near -100 may indicate oversold territory. Although the CCI indicator was developed for commodities, it has become a popular tool for equity evaluation as well.

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