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Look for Shares of Magellan Health to Potentially Pullback after Yesterday's 2.61% Rise

By Nick Russo

Magellan Health (NASDAQ:MGLN) traded in a range yesterday that spanned from a low of $55.68 to a high of $59.89. Yesterday, the shares gained 2.6%, which took the trading range above the 3-day high of $57.63 on volume of 275,000 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 its subscribers protect gains by selling shares of Magellan Health on July 27th, 2018 by issuing a Downtrend alert when the shares were trading at $75.85. Since that call, shares of Magellan Health have fallen 26.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Magellan Health share prices have moved between a 52-week high of $112.25 and a 52-week low of $49.50 and are now trading 15% above that low price at $56.94 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.6%.

Keywords: rebounders magellan health

Ticker(s): MGLN