MGIC Investment Corp. (MTG)

[tommiegun53]

MTG(MGIC INVESTMENT) is running on a "double bottom -W- reversal pattern". It just broke short-term resistance at $8.70.

The two bottoms occurred at January 25 and June 24th. The peak was March 23, 2016.

The downtrend started in early July 2015 after it hit $11.62. It declined to $5.52 on about January 24, 2016.

The breakout occurred on August 4th, when it hit $7.10. It ran until it hit resistance at $8.10. It broke resistance on October18th, running to $8.72.

The 9 days of down in the S&P 500, due to uncertainty of presidential outcome, took it back to $7.96 but, it broke out again hitting $9.20 this morning.

MTG remains in accumulation now. I would buy any pullbacks from here, while awaiting move above $9.

The calculated run is to $10.50/share. How fast it gets there is anyone's guess however, MGIC's book value is increasing and, the core fundamentals are very strong.

MGIC Investment publish a "Monthly Operating Summary", which indicates strength in every line item. (See October 2016 press release for more information)