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MGM Resorts International (MGM) “On a long-term technical basis, the stock (MGM) is trading below its 200-day moving average which generally implies it is in a negative trend.
The stock has support at 18.29 and 16.44. If the stock breaks down through support at 18.29 then it will probably continue lower to 16.44. The stock has resistance at 22.78 and at 34.69. If the stock breaks up through resistance at 22.78 then it will probably continue higher to 34.69. The 200-day moving average is at 22.78. This will also act as resistance. However, the stock has broken out of its long-term downtrend according to the fibonacci fan, which is significant. If the stock can form new support above 18.29 look for a rally to previous highs. The stock is slightly overbought according to the Stochastic Indicator (72.55).”
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