Magna International Charts Aren't Magnificent Right Now

Last night our own Jim Cramer sat down with Don Walker, CEO of Magna International Inc., during his popular "Mad Money" program. Magna (MGA)  , a maker of auto body systems and assemblies, missed its numbers in the second quarter. Walker said that despite missing consensus, Magna saw record sales and earnings in the quarter. Fundamentals are important to a successful investment approach, but let's look at the charts and indicators this morning.

In this daily bar chart of MGA, below, we can see an uptrend from last August. Prices tested the rising 200-day moving average line in February and March and again in July and earlier this month. The other day, MGA gapped below the 200-day line on heavy volume. In late June the chart started to weaken with prices closing below the flat 50-day moving average line. The slope of the 50-day line turned bearish by the middle of July....165 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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