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.
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...
Just as fast as the news of COVID vaccine may have rallied the market this past week, the effects may be short lived as they were in the past when the realization that we still are a minimum of 6-12 months away from anything remotely resembling a normal society. With that said, companies like MGM will likely see another dump of their stock when investors realize...
Great news!
Aug 11 Reuters:
BRIEF-NASCAR And BetMGM Announce Multi-Year Sports Betting Partnership
BETMGM TO OFFER LIVE, IN-RACE BETTING BEGINNING IN 2021
Aug 10 (Reuters) - Barry Diller's IAC/InterActive Corp IAC said on Monday it has bought a 12% stake in MGM Resorts International MGM for about $1 billion, sending the casino operator's shares soaring 14%.
"MGM...
MGM has 2 possible scenarios:
1- break the rising wedge right now and retest the support
2- go up in the wedge until the top of the wedge which is strong resistance at the same time and then due to some fundamentals like delay in opening Vegas or quarter reports decrease. lets observe next 4hrs candles and then we can be more confident.
