- MGIC Investment bearish trend is facing a possible turning point at $14.21
- The lower Bollinger Band® is currently at $313.61 while the higher band is at $344.71
$14.27 marks the crossover point where MGIC Investment Corporation price action falls below its 5 day Simple Moving Average. MGIC Investment's upper Bollinger Band® is at $14.73. On the other hand, note that bearish run for MGIC Investment is facing a possible turning point at $14.21, which is only 9 cents away. If this support line fails to hold, the next target will be at $14.11.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts MGIC Investment to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the private mortgage insurer is expected to attract significant bearish sentiment in the coming days.
Around $339.48, Goldman Sachs can look to establish a new bullish phase beyond its 200 day Simple Moving Average. Price action overcame a known Fibonacci resistance level at $341.21 by around 45.356 cents with prices hammering out a $336 – $342.36 session range. Despite this, Goldman Sachs's recent run now faces a major challenge as concentrated supply is likely found at $344 with price action currently $2.35 away. Goldman Sachs's upper Bollinger Band® is at $344.71.
According to technical analysis, it looks as if Goldman Sachs likely to continue pointing upward in the short term.
Despite posting gains on Friday, Moody's slid below its 10 day Simple Moving Average at $301.26 during the last session — an early indicator that a negative trend could be emerging. Moody's's upper Bollinger Band® is now at $308.44. Moody's's run now faces a challenge at $305.12, which is only $1.53 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Moody's is set for a reversal in the coming days.
CME Group made an initial foray below its 21 day Simple Moving Average around $189.48. CME Group is currently flirting with an active Fibonacci support level around $189.19. CME Group's upper Bollinger Band® is at $195.66 which indicates a further downward move may follow. In contrast, CME Group is trending down and heading towards $188.26, which is only $1.47 away now. Hitting this support line might signal a change of direction.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting CME Group to extend its recent losses.