MGM Resorts recently hit a new 13-year high, and now it’s pulled back.
The main feature on today’s chart is the breakout above $45.10 in early October. It proceeded all the way past $50 (for the first time since 2008) before knifing back to retest the breakout level.
Next, the current price area is near the 50-day simple moving average (SMA).
Third, the recent...
Stock is in correction on a monthly Timeframe from 2007....stock expected to complete correction soon...if stock breakout of price 51 then stock may see levels of 93 in next one year...with SL 35..
Todays consolidation candle was a healthy consolidation, might be forming a 3-4 bar play possibility. Will be keeping an eye out for entry at the bounce of the red candle low or at the break of ATH.
As a rule their will be resistance at long entry level. Bearish harami at this moment. This daily candle can change by close.
The bearish Harami reversal is recognized if:
The first candle is long and bullish and continues the uptrend;
The second candle is short and its body is completely engulfed by the first candle's body. A third red candle day would form a...
Option 1. Local 5th wave is part of the greater third and expended flat to b wave will be formed with targets at 1.236-1.382 FIBO. after that we go down and complete the fifth, after which the third wave will be completed and there will be a long 4ka in the sideways.
Option 2. We have only reached the local 3, an abc correction has already taken place (you can see...
Football season is here! NFL and NCAA football bring in the most volume/revenue for the books.
I used the BARS PATTERN tool and captured the 2020-2021 season (August 5th- Feb 8th) then moved it over to the upcoming season. There's are a ton of different factors that effect price action
but I think this is a nice start to charting out the season.
NYSE:MGM has a big rounded top pattern that looks ready to break. Today's bar pierced through the trendline convincingly and I think it is ready for a big drop.
It looks like; we have some ascending triangle patterns however, I have some concerns.
We had a big red candle, after the earnings announcements.
I am planning to wait for a smaller pullback, if we manage to hold that 41.14 level (which is very important), then I will go long.
Self-explanatory wedge, MGM is ready to move up the resistance line around $42.35. TP at $55
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
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Mission Statement
Over the course of the last decade, MGM Resorts has engaged in a sweeping transformation, building a new Company on an entirely new trajectory and forging a single, unified vision about who we are and what we do.
Our Las Vegas roots are a proud part of our history and a signature element of everything we create, wherever we may go. In our eyes,...
