nurseblood

MGM long off 50 ma. Breaking DECADE long resistance here

Long
nurseblood Updated   
NYSE:MGM   MGM Resorts International
So I want to sell my house and put it all into MGM. We are breaking MULTI-DECADE resistance here! On the monthly chart, we haven't seen these levels since 2008. On a weekly chart, we broke over major resistance last month and have continued higher. Just off our relative highs, we didn't quite make it to the 1.618 extension. This pullback to the 50 ma and touch of the trendline from the summer into fall following earnings is an opportunity to get in long to take it up to $56. That being said, I need to practice prudence because on the daily, we can see that we are hovering just below resistance. I really want to see a daily closure over $46 today. The only thing that I am noting is that on the daily, we are close to having the 100 and 200 sma's catching up and perhaps we want to retest? The 100 sma happens to be sitting right at the halfback off of this latest fib extension impulse wave drawn. I am long as of this afternoon with a stop under yesterdays low. If we break below that, I will anticipate touching the 100/200 smas, but at least the 100 sma and would like to try to get long again there pending price action. Also have an alert set for the 100 sma now as I would like to get more of this in my retirement. I grabbed some in spring 2020, but would like to add to that long-term hold.

**MGM long**
Entry: $45.95
Stop: $45.45
1st target for 25%: $48
2nd target: $57
Trade closed: stop reached:
a nice perfect bounce off the 0.618 fib, but alas, stopped out under the trendline. Will continue to keep this one on watch.

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