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April 24, 2023
- MGIC Investment bearish trend is facing a possible turning point at $14.21
- MGIC Investment's upper Bollinger Band® is at $14.73.
Kemper Corporation made an initial foray below its 21 day Simple Moving Average around $54.86. Bearish sentiment was sufficient to push prices below the known Fib level of $55.54 serving as intraday support. On the other hand, note that Kemper could begin to recover as it approaches significant support, now 71 cents away from $54.2. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Kemper to extend its recent losses.
Despite being in the red so far in the current trading session, HSBC peaked above its 10 day Simple Moving Average around $35.61 — typically an early indicator of a new bullish trend beginning to emerge. $35.14 is only 55 cents away for HSBC Holdings and might put a stop to its current downtrend.
Overall, looking at the technical analysis landscape, it seems HSBC —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
$14.27 marks the crossover point where MGIC Investment price action falls below its 5 day Simple Moving Average. MGIC Investment's upper Bollinger Band® is at $14.73 which indicates a further downward move may follow. In contrast, 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 mortgage insurance specialist is expected to attract significant bearish sentiment in the coming days.
With regards to technical trend indicators, chart analysis show that despite being in the red so far in the current trading session, LPL Financial peaked above its 5 day Simple Moving Average around $204.58 — typically an early indicator of a new bullish trend beginning to emerge. Asset volatility analysis shows that LPL Financial's upper Bollinger Band® at $208.9, suggesting a further decline is forthcoming. Visual analysis of LPL Financial's chart shows that bearish run for LPL Financial is facing a possible turning point at $201.12, which is only $2.76 away. If this support line fails to hold, the next target will be at $198.35.
Notwithstanding LPL Financial's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
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