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After Yesterday's Rally of 10.68% Shares Could Potentially Pullback

By Amy Schwartz

Mgic Invt Corp (NYSE:MTG) traded in a range yesterday that spanned from a low of $6.49 to a high of $7.19. Yesterday, the shares gained 10.7%, which took the trading range above the 3-day high of $6.54 on volume of 3.0 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 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.

In the past 52 weeks, shares of Mgic Invt Corp have traded between a low of $4.34 and a high of $15.24 and are now at $7.15, which is 65% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 4.3% while the 200-day MA has slid 0.9%.

Keywords: rebounders mgic invt corp

Ticker(s): MTG