MGM pushes through Tuesday's high


MGM Resorts International (MGM) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team

Highlights

MGM pushes through Tuesday's high

Overview

MGM ended Wednesday at 31.77 gaining $0.15 (0.47%) on low volume, slightly underperforming the S&P 500 (0.63%). Closing above Tuesday's high at 31.69, the stock confirmed its breakout through the previous session high after trading up to $0.23 above it intraday.

Daily Candlestick Chart (MGM as at Dec 04, 2019):

Daily technical analysis candlestick chart for MGM Resorts International (MGM) as at Dec 04, 2019

Wednesday's trading range has been $0.27 (0.85%), that's far below the last trading month's daily average range of $0.44. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for MGM.

Prices are trading close to the key technical support level at 31.60 (S1).

Though the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.

Buying might accelerate should prices move above the close-by swing high at 32.17 where further buy stops could get triggered.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for MGM Resorts. Out of 380 times, MGM closed higher 51.05% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.47% with an average market move of 0.59%.


Market Conditions for MGM as at Dec 04, 2019

Loading Market Conditions for MGM (MGM Resorts International)...
Latest Report:

MGM closes within previous day's range

Dec 13, 2019
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when MGM Resorts International traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!