MGM closes higher for the 3rd day in a row

MGM Resorts International (MGM) Technical Analysis Report for Sep 14, 2018

Highlights

MGM unable to break through key resistance level
MGM closes higher for the 3rd day in a row
MGM rises to highest close since September 4th
MGM closes within previous day's range

TQ Sentiment

Report Sentiment: 25% Bearish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, MGM finished the week 3.48% higher at 27.68 after gaining $0.20 (0.73%) today. Today's closing price of 27.68 marks the highest close since September 4th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for MGM

Volatility

Friday's trading range was $0.72 (2.58%), that's slightly above last trading month's daily average range of $0.68. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 28.03, MGM Resorts closed below it after spiking as high as 28.16 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for MGM Resorts International

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