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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $13.84 and $13.96 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. Traders and investors interested in shares of Mgic Invt Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Mgic Invt Corp has overhead space with shares priced $13.95, or 3.0% below the average consensus analyst price target of $14.38. The stock should discover initial support at its 50-day moving average (MA) of $13.20 and subsequent support at its 200-day MA of $12.27.

In the past 52 weeks, Mgic Invt Corp share prices have been bracketed by a low of $9.41 and a high of $14.14 and closed yesterday at $13.95, 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.4%.

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: bullish am inside day candle mgic invt corp

Ticker(s): MTG