Mgmshort
MGM Ready to Short?NYSE:MGM has a big rounded top pattern that looks ready to break. Today's bar pierced through the trendline convincingly and I think it is ready for a big drop.
MGM Short, Going Down Down Down. MGM in rising wedge, I see it going down to bottom of the channel if not further. MGM is actual crud. Soooo.
MGM Rising Wedge + Bear Divergence on RSI, MACD and MomentumMGM has had an impressive rally last month with the rotation into value. We have a rising wedge formed and despite making higher highs, our indicators are making lower highs, indicating a disconnect and thus a bear divergence. When we break the rising wedge, I expect a decline, entering short and an additional short in the case of a retest of the lower boundary following the breakdown. The stock is also overbought in 1D.
$MGM Potential Short OpportunityJust as fast as the news of COVID vaccine may have rallied the market this past week, the effects may be short lived as they were in the past when the realization that we still are a minimum of 6-12 months away from anything remotely resembling a normal society. With that said, companies like MGM will likely see another dump of their stock when investors realize that lockdown may inevitably have to happen again in order to slow the burden of the hospital systems this winter. Oddly enough, coinciding this news is the major pivot point for the S&P500 along with a major uptick in COVID lockdown news. This week will give us a good idea of what will happen next.
Note: This document is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action, including without limitation as those terms are used in any applicable law or regulation
MGM Resorts International 100% upside potentialGreat news!
Aug 11 Reuters:
BRIEF-NASCAR And BetMGM Announce Multi-Year Sports Betting Partnership
BETMGM TO OFFER LIVE, IN-RACE BETTING BEGINNING IN 2021
Aug 10 (Reuters) - Barry Diller's IAC/InterActive Corp IAC said on Monday it has bought a 12% stake in MGM Resorts International MGM for about $1 billion, sending the casino operator's shares soaring 14%.
"MGM presented a "once in a decade" opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with great potential to move online."
Market Capitalization $10.42 billion
Net Income $2.05 billion
small 5.56 P/E ratio
If you are interested to test some amazing BUY and SELL INDICATORS, which give the signal at the beginning of the candle, not at the end of it, just leave me a message.
MGM 2 scenarios for shortMGM has 2 possible scenarios:
1- break the rising wedge right now and retest the support
2- go up in the wedge until the top of the wedge which is strong resistance at the same time and then due to some fundamentals like delay in opening Vegas or quarter reports decrease. lets observe next 4hrs candles and then we can be more confident.
