Intra-year C&H
Break out from a yearly cup and handle would be 34.7
Also an ascending triangle with upper trendline at 24.17
Ascending triangles do fail (bust) but are bullish in nature
Possible stop below 19.2
Not a recommendation
In Uptrend,
At bottom of consolidation,
trendline break,
Entry 21.5
Stop: 20
Target: 31; reward:risk=6:1
Earning 10/29/2020 4 PM
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MGM has tracked the airlines almost perfectly since the march lows and with more
hope today on stimulus the roller-coaster ride looks set to continue.
Alert is set for break above the 20MA @ $22.30
with the possibility of a long to $24.00 in the short term.
A golden cross has just been complete which adds to the Bull case.
No rising wedges noted. Intra year C&H pattern. Price would need to break 34.64 for a yearly cup and handle pattern
Also a 3 year high at 38.41 and 20 year high 100.5
Old resistance levels usually come back to bite you no matter how old they are. So always look at the whole table before you take a shot
S noted at 20.5ish/Gaps provide support when price is over...
MGM just made a fake out and ended in the negative territory in the last trading session, the 20SMA has cross 50SMA, Trend-lines are broken and is now making a downward leap, here on keep a TAKE PROFIT at 19.4/19/18.5 and keep a STOP LOSS at 22.5| Market Mood: Bearish | Hospitality, Entertainment, Hotels Sector: Very Bearish |
