MGM Resorts Intl - (MGM) - February 10, 2023
Casino and hotel operator MGM Resorts International (MGM) has been making its way back up the rankings in the SIA S&P 500 Index Report since August, exiting the red zone in October, and recently returning to the Green Favored Zone for the first time since March. Yesterday, MGM finished in 52nd place, up 53 spots on the day and up 211 positions in the last month.
Since bottoming out in June, MGM Resorts International (MGM) has been steadily recovering, completing a bullish Ascending Triangle base in November and a bullish Golden Cross in December. Since the start of this year, accumulation has accelerated culminating in yesterday’s breakaway gap on volume to the shares’ highest level in nearly a year.
Currently bumping up against $45.00, next potential resistance appears near the $50.00 round number, then the last 2021 peak near $51.50 and the $53.50-$54.50 zone based on measured moves. Initial support appears between the $40.00 round number and the bottom of yesterday’s gap near $40.50.
The recovery trend in MGM Resorts International (MGM) shares which started last summer has accelerated recently. Coming out of a December correction which established another higher low in the current uptrend, the shares completed a bullish Triple Top in January, following on from a bullish Spread Quadruple Top breakout back in November.
Previous column highs suggest the potential for resistance in the $49.20 to $51.20 area around the $50.00 round number. Initial support appears near $40.35 based on a 3-box reversal.
With a perfect SMAX score of 10, MGM is exhibiting strength across the asset classes.
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