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.
Greg Schnell, CMT, MFTA