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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 17.63 and 16.44. If the stock breaks down through support at 17.63 then it will probably continue lower to 16.44. The stock has resistance at 23.78 and at 33.78. If the stock breaks up through resistance at 23.78 then it will probably continue higher to 33.78. The 200-day moving average is at 23.78. 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 17.63 look for a rally to previous highs. The stock is slightly oversold according to the Stochastic Indicator (29.98).”
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