MGM Resorts buy at supportline - Investments tips and recommendations
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MGM Resorts buy at supportline

MGM Resorts buy at supportline

Yesterday, the MGM Resorts International ($MGM) price went down from 30.81 downto 30.43 which totally produced a 1.23% fall in price at the time when stockmarket closed in US.
Some Technical Analysis companies like Investing.com have a Hourly, 5-Hours and Daily recommendation signal : STRONG SELL.
But we would like you to pay attention to the Supportline and MA200.
As you can see, the MGM Resorts is close to Supportline and in the same time touching the MA200 line, which can indicate two things.
1: It is time to breakout of Supportline and keep faling in price close to 27.00.
2: It is time to test the Supportline and turn around and hit for the Resistanceline at around pricelevel 38.00-40.00.

We see a strong supportline in the area of 30.05-30.20 which goes back to end of 2016.

MGM Resorts buy at supportline

MGM Resorts buy at supportline

Our recommendation is to wait till Supportline has been tested and if the line holds (if price start to go up within a few days) then we signal a Strong Buy and a tight Stoploss just a few %’s below Supportline
This trade can easily produce a profit around 20-30% within a short periode of a few months

Frank Egsgaard-Fjord
frank@e-fjord.dk