MGX Minerals Inc MGXMF

What Are the Charts Indicating?

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The Money Flow Index of Mgx Minerals Inc (MGXMF) this week has place the shares on the radar as it nears the key 70 or 80 level.  At the time of writing the MFI is holding above 60 and trending higher for the name.  The Money Flow Index creates a ratio of Positive Money Flow and Negative Money Flow over time and scales it to a number between 0 and 100. The MFI value can be used to evaluate overbought and oversold conditions in a security the index moves above or below a certain reference level. Divergence between MFI and the price direction can also be indicative of a reversal. If price is trending higher and MFI is decreasing over that period, a market top may occur.

When undertaking stock analysis, investors and traders may choose to view multiple technical levels in addition to the MFI. Mgx Minerals Inc (MGXMF) currently has a 14-day Commodity Channel Index (CCI) of 162.90. Investors and traders may use this indicator to help spot price reversals, price extremes, and the strength of a trend. Many investors will use the CCI in conjunction with other indicators when evaluating a trade. The CCI may be used to spot if a stock is entering overbought (+100) and oversold (-100) territory.

We can also do some further technical analysis on the stock. At the time of writing, the 14-day ADX for Mgx Minerals Inc (MGXMF) is 50.64. Many technical chart analysts believe that an ADX value over 25 would suggest a strong trend. A reading under 20 would indicate no trend, and a reading from 20-25 would suggest that there is no clear trend signal. The ADX is typically plotted along with two other directional movement indicator lines, the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI). Some analysts believe that the ADX is one of the best trend strength indicators available.

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