Don't Ignore This Chart

MGM Tries To Breakout Again


The gambling stocks have performed well over the last few years. MGM has traded sideways while WYNN has continued to climb. The consolidation looks constructive as MGM tries to breakout again. The RSI in the top panel continues to bounce off the 40 level which is a bull-market trait.

The MACD downtrend line appears to be breaking to the upside, so perhaps the stock will be able to make new highs soon. While WYNN continues higher, this pause over the last 6 months just might give a little better buy point for a breakout.

Good trading,
Greg Schnell, CMT, MFTA

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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