MGM trade ideas
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.
MGM still no break in trend Mgm is testing the immediate downtrend. Still not broken. RSI downtrend is holding too
MGM Uptrend support and wedge pattern have broken to the downsidMGM has broken uptrend support. Daily RSI did not break the downtrend. It looks a good opportunity to short. Disclosure I bought puts and credit spreads last Friday.
MGM - Who is traveling/gambling?There are a few good indicators here pointing to the downside for MGM.
Earnings is coming up 4/30, while the previous quarter might be ok. The outlook should be dismal.
I recommend selling a call credit spread. I don't see the stock going above $15.
5/15 - Sell $15 call and buy the $20 call. This will be $5 wide spread. The amount of premium is not that great I will say.
TastyTrade for instance recommends that collect minimum credit equal to about 1/3 of the width of the strikes.
Here we would take $1 credit on a $5 wide spread. Which would be about 1/5 the amount of the strike.
We are risking $400 to make $100 and have a 67% chance to be OTM on our $15 call.
Option prices are high, but some put debit spreads could be good here too, if you think it will go down hard.
MGM in a precarious position $MGM in a very precarious position. It is bear flagging. RSI hitting still has not broken downtrend resistance and it is dangling on uptrend support. Disclosure: last Friday I sold may 15 15-17 call credit spreads above market price to finance some speculative puts
MGM - Watch for drop to $12No position. I love the stock. Would like to buy in cheaper. Looking for long position close to $12.
Cup and Handle Pattern on the Short SqueezeTargets 1. $18.99
2. $22.47
Loading up on short term OTM call options
Happy Punting!!!
$MGM can fall in the next daysContextual immersion trading strategy idea.
The demand for shares of MGM Resorts International looks lower than the supply.
The company owns and operates an integrated casino, hotel, and entertainment resorts.
Due to the spread of COVID-19, the demand for the company's services fell.
This and other conditions can continue to cause a fall in the share price in the next days.
So I opened a short position again from $10,49;
Information about stop-loss and take-profits will be later.
Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.
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MGM - Long setup MGM - Looking to break 12.53 or breakdown to 7.53-7.60.Would consider some January 2021 $10 calls for $3.87.
$MGM insiders big buys Please consult the list for details of the transactions
Above point of control @$12.60 would be interesting
$MGM BUY | swing to $16Holding this baby. if support holds we might see the $15 -$16 range . Let's Go .
MGM to Long, in Uptrend after FIB#50% retracementCondition:
1. Downtrend line was broken by breakaway Gap (G1). Start a new trend.
2. 7/10/2009 Weekly demand zone confirmed
3. G2: runaway Gap shows 40-50% of the trend.
4. Fib 0.5 retracement,
5. Demand zone.
6. Gap up today
Entry in demand Zone: below 11.8 or buy at open
Stop: 10.5
Target1: 18; risk/reward=1:5
Target2: 21; risk/reward=1:7
This is a trading school homework. I need 6 months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
MGM Open Interest 04/03 Exp.Looking to sell covered calls. Trades will depend on price action within the expected range. Currently holding 300 shares.
MGM losing the houseHuge put sweep on 3/20 $36 puts, this looks good below 17.23. These options do not move much so if this does drop below, ITM options afew weeks out will be a safe trade to make, it wont be more than 50% but it will be less risky than most
Buy signalDaily and weekly buy signal triggered .
One of directors bought shares worth more than $9M on 11/15/2019.
Long cheap calls at opening today.
MGM Resorts International Sells Its Most Prominent CasinoMGM Resorts International Sells Its Most Prominent Casino
Recently, the Las Vegas Strip’s business landscape experienced two dramatic developments. It is when the MGM Resorts International sold two of its most outstanding casino assets.
Moreover, Nevada gaming officials moved to bar a humiliated industry legend from doing business in Sin City.
MGM Resorts has sold the Circus Circus to casino entrepreneur Phil Ruffin, owner of the Treasure Island Hotel and Casino. It was purchased in deal value of $825 million, including $662.5 million in cash.
According to a news report, by the end of fiscal 2019, the transaction is expected to close.
In a partitioned deal valued at $4.25 billion, MGM indicated it would place the Bellagio into a shared real estate venture. This is with the Blackstone Group as a governing associate.
MGM will hold a five percent share in the deal. In addition, it will retain the functional control over the Bellagio for $245 million in rent.
In a statement, MGM Resorts CEO and Chairman Jim Murren stated, “This transaction confirms the premium value of our owned real estate assets, highlights the unique value of Bellagio as a premier asset in gaming and solidifies our status as a premier operator of gaming and entertainment properties.”
Assessment of Potential Real-Estate Sales www.financebrokerage.com
He also added, “We will use the proceeds from this transaction, together with the proceeds from the pending sale of Circus Circus Las Vegas, to build a fortress balance sheet and return capital to shareholders.”
The two combined transactions will let MGM have a net of more than $5 billion.
The casino chain has always been evaluating potential real-estate sales. This is as a means of paying down its responsibility and providing insurance during times of financial downturns, such as a recession.
According to the Las Vegas Review-Journal, the Bellagio and Circus Circus were two of the last three remaining properties on the Strip, where MGM possesses the underlying real estate.
The MGM Grand was the third hotel on the Strip.
So far this year, its stocks are up more than 10 percent. Meanwhile, MGM shares were flat after the trading on Tuesday.
Will this trend continue?I'll buy some b4 earnings and see if we break $30 or not. NO SL, long-term only. TP $50-100.
