Magnolia Oil and Gas $MGY Downtrend Channel Breakout, MACD Buy, Dark Pool Trade

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Magnolia Oil and Gas $MGY stock did a head-poke above its 200 day moving average and tested a downtrend channel breakout on December 23, 2022. Many Energy stocks gave buy signals on December 23, 2022, after Russia threatened to cut Oil output because of oil price caps. $MGY stock is in a technical weak uptrend but the momentum is still not giving a buy signal (red colored candlesticks).

Magnolia Oil and Gas stock chart on December 24 2022 with a downtrend channel breakout pattern and head poke above the 200 day moving average with a MACD buy signal
Magnolia Oil and Gas stock chart on December 24 2022 with a downtrend channel breakout pattern and head poke above the 200 day moving average with a MACD buy signal

Oil, natural gas, and natural gas liquids reserves are acquired, developed, explored, and produced by Magnolia Oil and Gas Corporation in the United States. Its properties, which primarily consist of the Eagle Ford Shale and the Austin Chalk formation, are located in South Texas’s Giddings Field and Karnes County. The company owned 4,71,263 net acres of leasehold land as of December 31, 2021, including 23,785 net acres in Karnes and 4,47,478 net acres in the Giddings region. It also owned 1,292 net wells with a combined production capacity of 66,000 barrels of oil equivalent per day.

Unusual Dark Pool Trade In Magnolia Oil and Gas $MGY Stock

An unusually large dark pool trade occurred in $MGY stock on December 13, 2022. The dark pool trade was valued at $4.3 million. We think the dark pool trade may have been a buy order because $MGY stock rose following the trade hitting the tape but it’s a close call.

Magnolia Oil and Gas stock chart on December 24 2022 with a dark pool trade shown with an orange bar
Magnolia Oil and Gas stock chart on December 24 2022 with a dark pool trade shown with an orange bar

Make sure to review this lesson on dark pool trading so that you understand the chart above.

Magnolia Oil and Gas price target raised at Piper Sandler

On November 17, 2022, Piper Sandler analyst Mark Lear maintained an Overweight rating on the shares while raising the price target for Magnolia Oil and Gas from $32 to $36. After seeing the Q3 results, the analyst updated his exploration and production models as well as his fiscal 2023 outlooks. Increased service costs are driving additional capex in Q4 and 2023, according to Mark Lear, even though the group has continued to allocate funds judiciously and prioritize capital return.

Oil to $120 by next summer: Paul Sankey’s big 2023 energy call

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