MGIC Investment Corporation Stock Forecast
Green day on Friday for MGIC Investment Corporation stock after gaining 0.589%
(Updated on Apr 26, 2024)
The MGIC Investment Corporation stock price gained 0.589% on the last trading day (Friday, 26th Apr 2024), rising from $20.36 to $20.48. It has now gained 7 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.88% from a day low at $20.25 to a day high of $20.63. The price has risen in 7 of the last 10 days and is up by 3.75% over the past 2 weeks. Volume fell on the last day by -36 thousand shares and in total, 2 million shares were bought and sold for approximately $38.05 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 6.21% during the next 3 months and, with a 90% probability hold a price between $20.74 and $24.21 at the end of this 3-month period.
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MTG Signals & Forecast
There are mixed signals in the stock today. The MGIC Investment Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $20.76. On a fall, the stock will find some support from the short-term average at $20.12. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 5.68%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for MGIC Investment Corporation stock
MGIC Investment Corporation finds support from accumulated volume at $19.97 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.380 between high and low, or 1.88%. For the last week, the stock has had daily average volatility of 1.88%.
Since the MGIC Investment Corporation has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $19.63 (-4.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (MTG) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect MGIC Investment Corporation to open at $20.45, and during the day (based on 14 day Average True Range), to move between $20.08 and $20.88, which gives a possible trading interval of +/-$0.404 (+/-1.97%) up or down from last closing price. If MGIC Investment Corporation takes out the full calculated possible swing range there will be an estimated 3.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $20.55 (0.34%) than the support at $19.97 (2.49%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
MGIC Investment Corporation will release earnings AMC on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.600. We will update the financials statements for MGIC Investment Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.77% in the first trading day after earnings release.
Is MGIC Investment Corporation stock A Buy?
MGIC Investment Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.614 Hold/Accumulate Unchanged
Predicted Opening Price for MGIC Investment Corporation of Monday, April 29, 2024
Fair opening price April 29, 2024 | Current price |
---|---|
$20.45 ( 0.130%) | $20.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MTG
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 20.83 | 1.73 % | |
R2 | 20.69 | 1.02 % | ||
R1 | 20.60 | 0.579 % | ||
Current price: | 20.48 | |||
Support | S1 | 20.31 | -0.84 % | |
S2 | 20.22 | -1.28 % | ||
S3 | 20.07 | -1.99 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 21.96 | 7.23 % | |
R2 | 20.88 | 1.95 % | ||
R1 | 20.55 | 0.342 % | ||
Current price | 20.48 | |||
Support | S1 | 19.97 | -2.49% | |
S2 | 19.82 | -3.22% | ||
S3 | 19.50 | -4.79% |
MTG Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 14, 2024 | Feb 14, 2024 | Feb 14, 2024 | $0 | 0% |
2 | Oct 26, 2023 | Nov 08, 2023 | Nov 28, 2023 | $0.120 | 0.689% |
3 | Jul 27, 2023 | Aug 09, 2023 | Aug 24, 2023 | $0.115 | 0.670% |
4 | Apr 27, 2023 | May 10, 2023 | Aug 24, 2023 | $0.100 | 0.582% |
5 | Jan 24, 2023 | Feb 16, 2023 | Mar 02, 2023 | $0.100 | 0.727% |
FAQ
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