What’s Ahead for Magna International Inc. After Today’s Gap Down?

 What's Ahead for Magna International Inc. After Today's Gap Down?

The stock of Magna International Inc. (TSE:MG) gapped down by $0.43 today and has $48.50 target or 5.00% below today’s $51.05 share price. The 8 months technical chart setup indicates high risk for the $19.61 billion company. The gap down was reported on Nov, 9 by Barchart.com. If the $48.50 price target is reached, the company will be worth $980.50M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 6.33 million shares traded hands or 526.73% up from the average. Magna International Inc. (TSE:MG) has declined 2.11% since April 5, 2016 and is downtrending. It has underperformed by 6.89% the S&P500.

More news for Magna International Inc. (TSE:MG) were recently published by: Forbes.com, which released: “Magna International is Now Oversold (MGA)” on November 09, 2016. Business.Financialpost.com‘s article titled: “Workers at Magna International’s Integram plant end strike after union reaches …” and published on November 07, 2016 is yet another important article.

Magna International Inc. is an automotive supplier. The company has a market cap of $19.61 billion. The Company’s divisions are North America, Europe, Asia, Rest of World, and Corporate and Other. It has a 7.52 P/E ratio. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing.

MG.TO Company Profile

Magna International Inc. (Magna), incorporated on November 16, 1961, is an automotive supplier. The Company’s divisions are North America, Europe, Asia, Rest of World, and Corporate and Other. The Company’s product capabilities include producing body, chassis, exterior, seating, powertrain, electronic, vision, closure, and roof systems and modules, as well as vehicle engineering and contract manufacturing. The Firm has over 290 manufacturing activities and over 80 product development, engineering and sales centers in approximately 30 countries.

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