MGIC Investment Corporation Stock Forecast
MGIC Investment Corporation stock price ended at $20.66 on Monday, after losing 2.50%.
(Updated on May 20, 2024)
The MGIC Investment Corporation stock price fell by -2.50% on the last day (Monday, 20th May 2024) from $21.19 to $20.66. During the last trading day the stock fluctuated 3.20% from a day low at $20.61 to a day high of $21.27. The price has risen in 6 of the last 10 days but is still down by -1.38% for this period. Volume has increased on the last day by 835 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $39.46 million.
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 3.59% during the next 3 months and, with a 90% probability hold a price between $20.38 and $23.64 at the end of this 3-month period.
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MTG Signals & Forecast
The MGIC Investment Corporation stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $21.04. On a fall, the stock will find some support from the long-term average at approximately $20.54. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 10, 2024, and so far it has fallen -2.78%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for MGIC Investment Corporation stock
MGIC Investment Corporation finds support from accumulated volume at $20.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.660 between high and low, or 3.20%. For the last week the stock has had daily average volatility of 1.71%.
Our recommended stop-loss: $20.03 (-3.03%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (MTG) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect MGIC Investment Corporation to open at $20.85, and during the day (based on 14 day Average True Range), to move between $20.28 and $21.04, which gives a possible trading interval of +/-$0.385 (+/-1.86%) up or down from last closing price. If MGIC Investment Corporation takes out the full calculated possible swing range there will be an estimated 3.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $20.55 (0.53%) than the resistance at $20.88 (1.06%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is MGIC Investment Corporation stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for MGIC Investment Corporation stock to perform well in the short-term.
Current score: 1.313 Buy Candidate Unchanged
Predicted Opening Price for MGIC Investment Corporation of Tuesday, May 21, 2024
Fair opening price May 21, 2024 | Current price |
---|---|
$20.85 ( 0.90%) | $20.66 |
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 | 21.51 | 4.10 % | |
R2 | 21.25 | 2.88 % | ||
R1 | 21.10 | 2.12 % | ||
Current price: | 20.66 | |||
Support | S1 | 20.59 | -0.317 % | |
S2 | 20.44 | -1.07 % | ||
S3 | 20.19 | -2.29 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 21.96 | 6.29 % | |
R2 | 21.18 | 2.52 % | ||
R1 | 20.88 | 1.06 % | ||
Current price | 20.66 | |||
Support | S1 | 20.55 | -0.532% | |
S2 | 20.51 | -0.726% | ||
S3 | 19.82 | -4.07% |
MTG Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 25, 2024 | May 08, 2024 | May 21, 2024 | $0.115 | 0.557% |
2 | Feb 14, 2024 | Feb 14, 2024 | Feb 14, 2024 | $0 | 0% |
3 | Oct 26, 2023 | Nov 08, 2023 | Nov 28, 2023 | $0.120 | 0.689% |
4 | Jul 27, 2023 | Aug 09, 2023 | Aug 24, 2023 | $0.115 | 0.670% |
5 | Apr 27, 2023 | May 10, 2023 | Aug 24, 2023 | $0.100 | 0.582% |
FAQ
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