[08 July 2024]
Today, Monday 08 July 2024, StockCharts365.com has taken a closer look at a very exciting share on the Oslo Stock Exchange: Magnora ASA (ticker on Oslo Stock Exchange: MGN)
The overall technical picture for the share is very positive, and signals a significant potential for the share in both the short and long term.
Read more about this below under today's technical analysis of Magnora ASA (MGN).
First a little about the company Magnora ASA (ticker on Oslo Børs: MGN)
"We invest in renewable and clean energy built in a sustainable way.
After selling our oil and gas related business in 2018, we have transitioned into a renewable energy development company. We have succeeded in attracting a team of industry experts and have made investments we believe will shape the future of Magnora in the years to come.
Our initial focus was wind power development, but solar PV is already a significant part of our business model. The experience and professional relationships of our team has allowed us a privileged seat at the table with many of the majors of our industry.
Our business model is to identify and develop renewable energy projects from greenfield to the ready-to-build phase. At the point of construction, we prefer to farm-down and cooperate with professional investors who will finance and operate the projects over the duration of the license periods.
We are in a unique position, with recurring income from legacy business funding parts of our new business model. In February 2021, we conducted a private placement that confirmed the support we have from our investors and the market. This allows us to continue to invest in an electric future, creating long-term value for our stakeholders.
We are investing in companies and projects to be a part of the development of the renewable energy solutions that will deliver clean energy to industries and consumers. Our aim is to be an international investor and contributor in this market."
For mer informasjon om selskapet, besøk deres hjemmesider her:
Technical Analysis of Magnora ASA (ticker on Oslo Stock Exchange: MGN)
Charts are from the technical analysis program Vikingen.
Technical Analysis of Magnora ASA (ticker on Oslo Stock Exchange: MGN):
Magnora ASA (MGN) shows a positive development within both a short-term and long-term rising trend.
Further growth is now being signaled for the share in both the short and long term, and the share appears as a good buy candidate at today's price level of around NOK 28.30.
A buy signal was recently triggered from an inverted head and shoulders formation for the stock, and the stock has then undergone a 'classic correction down' to test the support level now at the 'neckline' of this inverted head and shoulders formation (cf. chart).
StockCharts365.com's own analysis model 'The SignalList' is also in a buy signal for Magnora (MGN), and signals further growth for the stock going forward.
The share recently broke above both the 50-day and 200-day moving averages, and is now finding significant technical support around the area around NOK 26.00 - 27.00.
Then the 50-day moving average has broken above the 200-day moving average (Golden Cross Signal), triggering a strong technical buy signal for the stock.
Apart from some technical resistance around the NOK 32.00 level, there is limited technical resistance for a further rise for the share within the long-term rising trend.
The potential for the share according to the long-term rising trend in which the share is moving is up to around NOK 45.00 - 50.00 in the 3-6 month term.
The potential for the share in the 1-2 year term is assessed to be around NOK 80.00 - 100.00, and according to the long-term positive trend within which the share moves.
On the downside, there is now considerable technical support for the share at both the 50-day and 200-day moving averages, and in the area between NOK 26.00 -27.00.
The share appears as a very interesting buy candidate at today's price level of around NOK 28.30.
The potential in the short term (3-6 months) is thus assessed to be around NOK 45.00 - 50.00, while the potential in the 1-2 year term is assessed to be around NOK 80.00 - 100.00.
What could potentially change the currently positive technical picture for the share would be if it had an established break below the NOK 26.00 level.
From the overall technical picture for the share, there is now a very favorable Risk-Reward Ratio for Magnora.
A break above the NOK 32.00 level will trigger new very positive technical signals for the share, and then the way forward towards NOK 45.00 - 50.00 may well be short.
NB! Remember to have read and understood the disclaimer.
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