MGM closes higher for the 6th day in a row
MGM Resorts International (MGM) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, MGM ended Thursday at 13.45 gaining $0.50 (3.86%), strongly underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (MGM as at Mar 26, 2020):
Thursday's trading range has been $2.43 (18.34%), that's slightly above the last trading month's daily average range of $2.38. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MGM.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Shooting Star showed up on December 27, 2019, MGM lost -0.80% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for MGM Resorts. Out of 21 times, MGM closed higher 61.90% of the time on the next trading day after the market condition occurred.