After Yesterday's Rally of 2.05% Shares Could Potentially Pullback
MGIC Investment (NYSE:MTG) traded in a range yesterday that spanned from a low of $8.15 to a high of $8.45. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $8.15 on volume of 5.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of MGIC Investment on July 19th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $6.99. Since that recommendation, shares of MGIC Investment have risen 15.0%. We continue to monitor MTG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
In the past 52 weeks, MGIC Investment share prices have been bracketed by a low of $5.36 and a high of $11.72 and are now at $8.20, 53% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 1%.
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