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Shares of Mgic Invt Corp Fall to a New 52-Week Low

By Nick Russo

Mgic Invt Corp (NYSE:MTG) traded today at a new 52-week low of $7.24. So far today approximately 1 million shares have been exchanged, as compared to an average 30-day volume of 4.1 million shares.

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 has overhead space with shares priced $7.37, or 48.8% below the average consensus analyst price target of $14.38. The stock should find initial resistance at its 50-day moving average (MA) of $13.22 and further resistance at its 200-day MA of $13.38.

Over the past year, Mgic Invt Corphas traded in a range of $7.24 to $15.24 and are now at $7.37. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 2.1%.

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: 52 week high/lows mgic invt corp

Ticker(s): MTG