52-Week Range: $1.34-$8.16
Thursday's Volume: 6.21 million
Three-Month Average Volume: 8.35 million From a technical perspective, MTG bounced notably higher here right above its 50-day moving average of $7.14 with lighter-than-average volume. This stock has been trending sideways for the last month, with shares moving between $6.75 on the downside and $7.45 on the upside. Shares of MTG have now started to take out the upper-end of that range on Tuesday, since the stock closed at $7.54. This move is quickly pushing shares of MTG within range of triggering a major breakout trade. That trade will hit if MTG manages to take out some near-term overhead resistance levels at $7.84 to its 52-week high at $8.16 with high volume. Traders should now look for long-biased trades in MTG as long as it's trending above its 50-day at $7.14 and then once it sustains a move or close above those breakout levels with volume that hits near or above 8.35 million shares. If that breakout triggers soon, then MTG will set up to enter new 52-week-high territory above $8.16, which is bullish technical price action. Some possible upside targets off that breakout are $9 to $10. To see more stocks that are making notable moves higher today, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr. -- Written by Roberto Pedone in Delafield, Wis.
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