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Possible Bearish Inside Day Candle Pattern Detected for Mgic Invt Corp (NYSE:MTG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mgic Invt Corp (NYSE:MTG) based on the price action in the company's shares. Yesterday's price range of $14.38 and $14.57 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Mgic Invt Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Mgic Invt Corp have traded between a low of $11.85 and a high of $15.24 and closed yesterday at $14.50, which is 22% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Mgic Invt Corp (NYSE:MTG) is currently priced 0.8% above its average consensus analyst price target of $14.38. Mgic Invt Corp shares have support at the 50-day moving average (MA) of $14.11 and additional support at the 200-day MA of $13.59.

MGIC Investment Corporation provides private mortgage insurance services. The Company offers mortgage insurance to thrifts, mortgage bankers and brokers, commercial banks, credit unions, and other lending institutions. MGIC Investment serves customers in the United States and Puerto Rico.

SmarTrend is tracking the current trend status for Mgic Invt Corp and will alert subscribers who have MTG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle mgic invt corp

Ticker(s): MTG