UmitAbdulkasim

MGM Rising Wedge + Bear Divergence on RSI, MACD and Momentum

Short
NYSE:MGM   MGM Resorts International
MGM has had an impressive rally last month with the rotation into value. We have a rising wedge formed and despite making higher highs, our indicators are making lower highs, indicating a disconnect and thus a bear divergence. When we break the rising wedge , I expect a decline, entering short and an additional short in the case of a retest of the lower boundary following the breakdown. The stock is also overbought in 1D.

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