MGM trade ideas
MGM longI see a positive divergence and a flag formation breakout is ready to head to fist target.
Happy trading
Mgm resorts i would love to buy this breakoutlooking good if it breakouts i will buy previously missed same pattern on silver monthly but will take this one for sure
Reasons To Buy:
Channel Breakout
Trend Reversal Formation
Excellent Risk To Reward Ratio Trade
Financial Institutions Expecting Longs
Consolidation in this region for a long term
Stocks Shows increase in volume
Indicators are turning positive
Mgm Resort Bearish Volume Coming InnIf Market closes below 18.20 Level which financial institutions are watching right now then i will be shorting it with take profits@ flag
Reasons to short
1-Market in downtrend
2-Market moving in downward channel or wedge that retail traders know off
3- market showing vertical resistance on top
4-Market rejecting from upper vertical resistance
5- Market having huge bearish volume
6-Moving average compression
7-Bullish trend reversal can be formed after candle close below that level
8-News are following the markets saying a bearish bias in market trend
9-if lower trend line candle close happens then market will drop down to pavement due to wedge breakout pattern rules
MGM A BUY!MGM is turning around. Major support at 16.18 and it should push to 24 within 2 weeks. Sell half and let it ride when it hits 24. 3/13
MGM - Getting in after a double bottomThis trade is a bit late, however the risk reward is still favorable, considering how accurate these double bottoms with divergences tend to be.
The time to make the best out of this trade was back in the summer in July, before the mini crash in August, or if you were brave enough (not me) right in August.
The best trades for me are double bottoms with divergences, that happen in uptrends, and this one certainly qualifies.
I am looking for at least a retest of the previous major swing high.
Institutional accumulation all happening again?I'm not looking to buy into this until I examine the fundamental aspect of MGM Resorts, but most of us might already know that it hasn't been quite peachy for them during 2014, but what I find interesting in this is the above average volume at bid during the end of 2014 & Q1 2015. Which shows to me potential institutional buyers scooping up shares at a potential discount for the next leg up to $28 p/ share and possibly above... I believe that we can also be stuck within the new range between $16 p/share & $28 p/share.
Between 2010 & 2013 the stock found itself stuck between a roughly $8 price range, with W1 volume showing large accumulation of shares happening throughout the time, and price breaking the highs August 2013. So what I'm seeing is another potential accumulation of shares before another leg higher. Which will make for decent multi-week swing trading for passive portfolio growth. Of course, I won't make any decision to take any positions as such until I examine the fundamental strength & outlook of the company.
So all in all I just thought this would be an interesting chart to post for anybody looking for diversification into passive QoQ growth. Which is something I definitely look to always have along with more aggressive/riskier positions held.
Cheers, happy trading! =)
MGM Day Trade Retest Gap (Brad Reed Mar17,2015)MGM expected to open at 21.05 for a Retest Gap. To learn to trade this strategy for free go to www.RealLifeTrading.com
MGM WEEKLY VIEWLong over 21.70 via Dec 22-24 calls. Earnings coming up next week. Will trim half prior.
Pin Bar with Volume Spike and Momentum DivergenceMGM brought huge volume yesterday to form a pin bar at support. This support level was hit with some momentum divergence and should hold. I am looking for a retest of 24.80s for a 1:1.5 RR ratio. Price has broken the high of yesterday, and this pullback should provide a good entry point of which to take advantage.
Cautious From $LVS ER Miss - Looking For Support/EMA Bounce$MGM has been bouncing off a strong upward sloping support level since late April. Over the past week we have seen consolidation with small bodied candles and short trading ranges.
After testing the 50ema yesterday, we closed just a few pennies above that level. I am looking to see a nice bounce off of this support line as well as off the 50ema. Will be keeping an eye on the 20ema as the next resistance level
MGM VS. LVSJapanese government is looking to legalize gambling. These two stocks are facing very large potential growth.
Assuming they receive the necessary permits to establish casinos.
MGM Daily. H&S TopAll the casinos have this similar pattern. Ugly day y'day, any bounces probably sold into.
MGM set for takeoff?This is the MGM monthly stock chart. We'll talk about it again in 2 years.
MGM Resorts International won a license for a new casino near the nation's capital in Maryland on Friday.
www.seattlepi.com
What do you think?
MGMMGM is on its way up
after 200 week consolidation 8.9-17$ broke above 17 and created a new support at 18.5$
today mada a new 52 week high above 21$ on high vol.
now 21 is a close support
good entry here
1st target 25$
stop at 20.5$
GL
