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MGM finds buyers again around 34.45


Technical Analysis Report for MGM - Apr 16, 2018 [1 min read]
Highlights
MGM closes above its opening price after recovering from early selling pressure
MGM pushes through 100-day moving average
MGM finds support at 100-day moving average
MGM finds buyers again around 34.45
MGM closes within previous day's range after lackluster session
TQ Sentiment
Technical Forecast:
Overview

MGM ended Monday at 34.77 gaining $0.37 (1.08%). Trading up to $0.25 lower after the open, MGM Resorts managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MGM
Volatility

Monday's trading range was $0.73 (2.1%), that's below last trading month's daily average range of $1.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 35.45. After having been unable to move lower than 34.28 in the prior session, the share found buyers again around the same price level today at 34.45. After trading as low as 34.45 during the day, the stock found support at the 100-day moving average at 34.48.

Trend

MGM shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. MGM Resorts managed to break above the 100-day moving average at 34.48 today for the first time since April 12th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 35.67 where further buy stops could get triggered. As prices are trading close to April's high at 35.99, upside momentum might speed up should the market mark new highs for the month. Further selling could move prices lower should the market test March's nearby low at 32.73.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Bounce off SMA 100 TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MGM finds buyers at key support level

Apr 24, 2018
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