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MGIC Investment (
MTG) is a provider of private mortgage insurance in the U.S. This stock is trading up 6.1% to $5.85 in recent trading.
Today's Range: $5.51-$5.91
52-Week Range: $0.66-$6.19
Volume: 11.48 million
Three-Month Average Volume: 20.49 million
>>3 Financial Stocks Rising on Big Volume
From a technical perspective, MTG is ripping higher here and breaking out above some near-term overhead resistance levels at $5.59 to $5.78 with lighter-than-average volume. This move is quickly pushing shares of MTG within range of triggering an even bigger breakout trade. That trade will hit if MTG manages to clear its 52-week high at $6.19 with high volume.
Traders should now look for long-biased trades in MTG as long as it's trending above $5.50 and then once it sustains a move or close above $5.78 to $6.19 with volume that hits near or above 20.49 million shares. If that breakout triggers soon, then MTG will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $7 to $8.
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