Trading Mgm Resorts International $MGM With Integrated Risk Controls

February 28, 2023, 10:27 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Price matters most to #makingmoney in the #stockmarket. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time. The Mgm Resorts International (NYSE: MGM) report below can help you, but we have more details too. The trading plans for MGM, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.

Longer Term Trading Plans for MGM

• Buy MGM slightly over 40.46 target n/a stop loss @ 40.34. Details

The technical summary data tells us to buy MGM near 40.46, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 40.34 to protect against excessive loss in case the stock begins to move against the trade. 40.46 is the first level of support below 43.425, and by rule, any test of support is a buy signal. In this case, if support 40.46 is being tested, a buy signal would exist.

• NONE . Details

NONE .
There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.

Swing Trading Plans for MGM

• Buy MGM slightly over 44.56, target n/a, Stop Loss @ 44.43 Details

If 44.56 begins to break higher, the technical summary data tells us to buy MGM just slightly over 44.56, with an upside target of n/a. The data also tells us to set a stop loss @ 44.43 in case the stock turns against the trade. 44.56 is the first level of resistance above 43.425, and by rule, any break above resistance is a buy signal. In this case, 44.56, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short MGM slightly near 44.56, target 42.37, Stop Loss @ 44.69. Details

The technical summary data is suggesting a short of MGM if it tests 44.56 with a downside target of 42.37. We should have a stop loss in place at 44.69 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 44.56, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for MGM

• Buy MGM slightly over 44.56, target n/a, Stop Loss @ 44.46 Details

If 44.56 begins to break higher, the technical summary data tells us to buy MGM just slightly over 44.56, with an upside target of n/a. The data also tells us to set a stop loss @ 44.46 in case the stock turns against the trade. 44.56 is the first level of resistance above 43.425, and by rule, any break above resistance is a buy signal. In this case, 44.56, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short MGM slightly near 44.56, target 43.03, Stop Loss @ 44.66. Details

The technical summary data is suggesting a short of MGM if it tests 44.56 with a downside target of 43.03. We should have a stop loss in place at 44.66 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 44.56, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

MGM Ratings for February 28:

Term →	Near	Mid	Long
Rating	Strong	Strong	Neutral
P1	0	0	29.04
P2	42.10	42.37	34.73
P3	43.03	44.56	40.46

Support and Resistance Plot Chart for MGM

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