MGIC Investment Corporation Stock Forecast

Green day on Tuesday for MGIC Investment Corporation
(Updated on May 21, 2024)

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 $21.00. On a fall, the stock will find some support from the long-term average at approximately $20.52. 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). 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. 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 -1.36%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for MGIC Investment Corporation stock

MGIC Investment Corporation finds support from accumulated volume at $20.88 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 $0.385 between high and low, or 1.86%. For the last week the stock has had daily average volatility of 1.63%.

Our recommended stop-loss: $20.23 (-3.47%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 24 days ago.)

Trading Expectations (MTG) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect MGIC Investment Corporation to open at $20.88, and during the day (based on 14 day Average True Range), to move between $20.57 and $21.35, which gives a possible trading interval of +/-$0.385 (+/-1.84%) up or down from last closing price. If MGIC Investment Corporation takes out the full calculated possible swing range there will be an estimated 3.67% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $21.00 (0.19%) than the support at $20.88 (0.38%), 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.

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: 3.760 Buy Candidate Unchanged

Predicted Opening Price for MGIC Investment Corporation of Wednesday, May 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.