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Magna International Bullish Moving Average Crossover Alert (MGA)

By James Quinn

Magna International (NYSE:MGA) crossed over its 10-day moving average of $34.52 on a volume of 561K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Over the past year, Magna International has traded in a range of $30.41 to $59.42 and is now at $34.83, 15% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Magna International on May 18th, 2016 by issuing a Downtrend alert when the shares were trading at $40.01. Since that call, shares of Magna International have fallen 15.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: moving crosses Magna International

Ticker(s): MGA