MGIC Investment Corporation Stock Forecast
MGIC Investment Corporation stock price ended at $19.38 on Wednesday, after losing 0.615%.
(Updated on Apr 17, 2024)
The MGIC Investment Corporation stock price fell by -0.615% on the last day (Wednesday, 17th Apr 2024) from $19.50 to $19.38. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 1.99% from a day low at $19.36 to a day high of $19.75. The price has fallen in 7 of the last 10 days and is down by -10.61% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -193 thousand shares and in total, 2 million shares were bought and sold for approximately $38.29 million.
Given the current short-term trend, the stock is expected to rise 7.85% during the next 3 months and, with a 90% probability hold a price between $20.90 and $24.49 at the end of this 3-month period.
MTG Signals & Forecast
There are few to no technical positive signals at the moment. The MGIC Investment Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $19.79 and $20.70. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -13.33%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for MGIC Investment Corporation stock
MGIC Investment Corporation finds support from accumulated volume at $19.24 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 $0.385 between high and low, or 1.99%. For the last week, the stock has had daily average volatility of 1.71%.
MGIC Investment Corporation is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MTG) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect MGIC Investment Corporation to open at $19.50, and during the day (based on 14 day Average True Range), to move between $18.95 and $19.81, which gives a possible trading interval of +/-$0.430 (+/-2.22%) up or down from last closing price. If MGIC Investment Corporation takes out the full calculated possible swing range there will be an estimated 4.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $19.50 (0.62%) than the support at $19.24 (0.72%), 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?
The MGIC Investment Corporation stock holds several negative signals and despite the positive trend, we believe MGIC Investment Corporation will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.824 Sell Candidate Unchanged
Predicted Opening Price for MGIC Investment Corporation of Thursday, April 18, 2024
Fair opening price April 18, 2024 | Current price |
---|---|
$19.50 ( 0.593%) | $19.38 |
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 | 19.88 | 2.58 % | |
R2 | 19.73 | 1.82 % | ||
R1 | 19.64 | 1.35 % | ||
Current price: | 19.38 | |||
Support | S1 | 19.35 | -0.165 % | |
S2 | 19.26 | -0.634 % | ||
S3 | 19.11 | -1.39 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 21.96 | 13.31 % | |
R2 | 20.88 | 7.74 % | ||
R1 | 19.50 | 0.619 % | ||
Current price | 19.38 | |||
Support | S1 | 19.24 | -0.722% | |
S2 | 19.15 | -1.19% | ||
S3 | 18.93 | -2.32% |
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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