NYMAGIC (NYSE:NYM) traded in a range yesterday that spanned from a low of $25.33 to a high of $25.50. Yesterday, the shares gained 0.04%, which took the trading range above the 3-day high of $25.35 on volume of 170,000 shares.
Shares of NYMAGIC are currently trading above their 50-day moving average (MA) of $20.69 and above their 200-day MA of $18.48. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of NYMAGIC and our subscribers were alerted to Buy on June 15, 2010 at $21.39. The stock has risen 18.5% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $25.34 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Multi-Line Insurance industry.