u s shares highlights mgm resorts international 676862015
<p>MGM Resorts International (MGM) – Further potential downside within medium term descending channel (Click to enlarge chart) Key elements MGM Resorts International continues to evolve […]</p>
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MGM Resorts International (MGM) – Further potential downside within medium term descending channel
(Click to enlarge chart)
Key elements
- MGM Resorts International continues to evolve within a medium term descending channel (in pink) in place since 07 March 2014.
- Recent price action has reacted off the lower boundary of the former ascending range configuration now turns pull-back resistance at 20.95.
- The 17 December 2014 swing low is at 17.25.
- The next support at 16.52/15.52 corresponds with multiple Fibonacci clusters and this region is also close to the lower boundary of the medium term descending channel.
- The intermediate term RSI oscillator remains bearish below its resistance.
Key levels (1 to 3 months)
Pivot (key resistance): 20.95
Support: 17.25 & 16.52/15.52
Next resistance: 23.50
Conclusion
As long as the 20.95 pivotal resistance is not surpassed, MGM faces the risk of a further correction towards 17.25 before targeting the significant support zone of 16.52/15.52.
On the other hand, a clearance above 20.95 is likely to negate the bearish tone for a short-term rebound to test the next resistance at 23.50.
Source: Charts are from eSignal
Disclaimer
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