MGM finds buyers again around 34.45

MGM Resorts International (MGM) Technical Analysis Report for Apr 16, 2018

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

Report Sentiment: 50% Bullish
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.

Market Conditions for MGM Resorts International

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Latest Report:

MGM ends the day indecisive

Sep 18, 2018
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