This is the MGM monthly stock chart. We'll talk about it again in 2 years.
MGM Resorts International won a license for a new casino near the nation's capital in Maryland on Friday.
www.seattlepi.com
What do you think?
MGM is on its way up
after 200 week consolidation 8.9-17$ broke above 17 and created a new support at 18.5$
today mada a new 52 week high above 21$ on high vol.
now 21 is a close support
good entry here
1st target 25$
stop at 20.5$
GL
The overall trend is up and the RSI is showing a buy signal.
BUT...
It recently gapped down and that is always a bearish signal.
So what to do you ask?
Wait for confirmation of course.
The trend up will continue if it closes above 20 and this is where I would open a position.
It may be a little premature to short this because of the strength of this...
$MGM was in a triangle pattern (2 blue lines, you can zoom out) from late 2008 until just breaking out in August of this year . With the Bollinger Bands expanding, I'm looking for at least a retest of that triangle ~17.71. A further target would be the green line
MGM has been trading in this range since May of 2010. It is nearing the upper end with lower than average volume. Earnings are on Aug 6th so something big is gonna happen. Short-term trend is bullish but slowing. I will update as it becomes more clear which direction it will go. Also note that a close over 17 is definitely bullish. Happy trading.
Like swing in $MGM over this down TL near 13.50. 25.4 increase in gambling revenue in March may give it the kick it needs. Should be an interesting day. Cheap here IMHO right above 50MA with obvious exit on losing 50. Also showing a bull flag on daily.
