When the Price of Mgm Resorts International MGM Talks, People Listen

February 09, 2023, 00:00 am ET, BY Tyler- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for MGM

• Buy MGM slightly over 38.60 target n/a stop loss @ 38.49. Details

The technical summary data tells us to buy MGM near 38.60, 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 38.49 to protect against excessive loss in case the stock begins to move against the trade. 38.60 is the first level of support below 41.43, and by rule, any test of support is a buy signal. In this case, if support 38.60 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 42.43, target n/a, Stop Loss @ 42.31 Details

If 42.43 begins to break higher, the technical summary data tells us to buy MGM just slightly over 42.43, with an upside target of n/a. The data also tells us to set a stop loss @ 42.31 in case the stock turns against the trade. 42.43 is the first level of resistance above 41.43, and by rule, any break above resistance is a buy signal. In this case, 42.43, 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 42.43, target 41.32, Stop Loss @ 42.55. Details

The technical summary data is suggesting a short of MGM if it tests 42.43 with a downside target of 41.32. We should have a stop loss in place at 42.55 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, 42.43, 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 42.00, target 42.43, Stop Loss @ 41.9 Details

If 42.00 begins to break higher, the technical summary data tells us to buy MGM just slightly over 42.00, with an upside target of 42.43. The data also tells us to set a stop loss @ 41.9 in case the stock turns against the trade. 42.00 is the first level of resistance above 41.43, and by rule, any break above resistance is a buy signal. In this case, 42.00, 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 42.00, target 41.32, Stop Loss @ 42.1. Details

The technical summary data is suggesting a short of MGM if it tests 42.00 with a downside target of 41.32. We should have a stop loss in place at 42.1 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, 42.00, 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.

This is a snapshot. Real Time Updates are available on our MGM Page.

MGM Ratings for February 09:

Term →	Near	Mid	Long
Rating	Strong	Strong	Weak
P1	0	0	27.81
P2	41.18	41.32	33.21
P3	42.00	42.43	38.60

Support and Resistance Plot Chart for MGM

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This is not EF Hutton, but it could be more #powerful.  A picture speaks a thousand words, they say, and the #priceaction of Mgm Resorts International (NYSE: MGM) tells an important story.  The movement tells us where investors perceive value, or the lack of it, and if we pay attention we can capture opportunity.  The data below for MGM can be used as an example, and demonstrate how to do this for other stocks too.  This data was current at the time of publication, but it is not updated in real time here. If you want real time updates, or data on a different stock, please get one here Unlimited Real Time Reports. 

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