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

By Amy Schwartz

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 $7.66 and $8.19 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.

Mgic Invt Corp has overhead space with shares priced $7.97, or 44.6% below the average consensus analyst price target of $14.38. The stock should find initial resistance at its 50-day moving average (MA) of $11.93 and further resistance at its 200-day MA of $13.06.

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.

Mgic Invt Corp share prices have moved between a 52-week high of $15.24 and a 52-week low of $4.34 and closed yesterday at 84% above that low price at $7.97 per share. The 200-day and 50-day moving averages have moved 1.37% lower and 5.61% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Mgic Invt Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Mgic Invt Corp in search of a potential trend change.

Keywords: bearish am inside day candle mgic invt corp

Ticker(s): MTG