SmarTrend identified an Uptrend for Magic Software Enterprises (NASDAQ: MGIC) on July 27, 2010 at $2.50. In approximately 6 months, Magic Software Enterprises has returned 237.2% as of today’s recent price of $8.43.
In the past 52 weeks, shares of Magic Software Enterprises have traded between a low of $1.55 and a high of $8.74 and are now at $8.43, which is 444% above that low price.
Magic Software Enterprises is currently above its 50-day moving average of $6.83 and above its 200-day moving average of $3.59. Look for these moving averages to climb to confirm the company’s upward momentum.
In the last five trading sessions, the 50-day MA has climbed 5.2% while the 200-day MA has risen 3.48%.
SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any shifts in the trajectory of Magic Software Enterprises shares.
Source:-http://www.benzinga.com/press-releases/11/01/c816518/magic-software-enterprises-the-trend-continues-higher-mgic

