- MGIC Investment bearish trend is facing a possible turning point at $12.81
- MGIC Investment's upper Bollinger Band® at $13.97, suggesting a further decline is forthcoming.
As the trading day commences, technical analysis suggests Arthur J Gallagher & Co is eyeing the $195.33 support line.
As the day gets underway, chart analysis suggests $12.81 is only 12 cents away for MGIC Investment and might put a stop to its current downtrend. With regards to technical trend indicators, chart analysis show that MGIC Investment's CCI indicator has fallen below -100, meaning prices are unusually low compared to their long-term average. According to asset volatility analysis, MGIC Investment's lower Bollinger Band® is at $12.84, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
For the time being, MGIC Investment remains flat without a clear direction.
As the trading day commences, technical analysis suggests a convincing break of this target could pave the way for deeper losses. Trend-focused traders would be interested to note that Wells Fargo's CCI indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $44.14, a low enough level to, generally, suggest that Wells Fargo is trading below its fair value.
For the time being, Wells Fargo remains flat without a clear direction.
As the trading day commences, technical analysis suggests Janus Henderson could begin to recover as it approaches significant support, now 2 cents away from $25.06. Dipping below could be an indication that further losses are ahead.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4.
Upcoming fundamentals: United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.