It was quite a journey for MGM through COVID-19. And we finally have some confirmations from RSI for the next move. The last time price challenged RSI 30, it made a nice pump up by 119%. On May 13, RSI 30 got an almost touch-down again, I name this next wave as a first FOMO wave after the first up wave. At the current time, the wave already jump up 31.53% and challenge the resistance. I believe that by the leading of SPY on the first half trading hour tomorrow, it will easily go over this resistance and challenge the next one as 55.77% at $18.24.
Comment:
SPY is in the position to challenge 61% FIB, however; MGM still on the way up => the uptrend is very strong
Comment:
Another 7% just hit, with the strong move of SPY. 40% target is very possible