MGM Resorts Has Pulled Back
MGM Resorts recently hit a new 13-year high, and now it’s pulled back.
The main feature on today’s chart is the breakout above $45.10 in early October. It proceeded all the way past $50 (for the first time since 2008) before knifing back to retest the breakout level.
Next, the current price area is near the 50-day simple moving average (SMA).
Third, the recent pullback has dragged the casino stock all the way back down to the bottom of its Keltner Channel. Finally, the dip pulled stochastics down to their most oversold condition since March 2020.
The news flow has additionally turned more positive as travel resumes. Credit Suisse triggered the initial surge with an upgrade on October 12, followed by strong quarterly results on November 3.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The main feature on today’s chart is the breakout above $45.10 in early October. It proceeded all the way past $50 (for the first time since 2008) before knifing back to retest the breakout level.
Next, the current price area is near the 50-day simple moving average (SMA).
Third, the recent pullback has dragged the casino stock all the way back down to the bottom of its Keltner Channel. Finally, the dip pulled stochastics down to their most oversold condition since March 2020.
The news flow has additionally turned more positive as travel resumes. Credit Suisse triggered the initial surge with an upgrade on October 12, followed by strong quarterly results on November 3.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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