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Casinos & Gaming Industry Stocks Technical Analysis - MGMArchive
- 11/15/2024 -
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MGM Resorts International (MGM) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a second consecutive positive week for the MGM Resorts International (MGM). During the week, the MGM gained 0.66 points, or 1.80%, and closed at 37.35 on Friday, November 15, 2024. MGM was trading at average weekly trading volume.
MGM is a member of Consumer Discretionary Sector. Consumer Discretionary is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See MGM long-term trend chart]
A long-term downtrend had started on April 1, 2024 at 48.25 and reached 33.44 on August 5, 2024. MGM lost 14.81 points, or 30.69%, in 18 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 26.16 and resistance is at 46.11. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
 Medium-term trend: [See MGM medium-term trend chart]
A medium-term uptrend had started on August 5, 2024 at 33.44 and reached 42.54 on October 29, 2024. MGM gained -9.10 points, or -27.21%, in 12 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 35.46 and resistance is at 43.19. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See MGM weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.
 Short-term trend: [See MGM short-term trend chart]
A short-term downtrend had started on October 29, 2024 at 42.54 and reached 35.56 on November 5, 2024. MGM lost 6.98 points, or 16.41%, in 7 days. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (35.85) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.
Daily Technical Indicators: [See MGM daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The daily MACD line is below its signal line since October 30, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
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| Daily Oscillators |
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| Weekly Oscillators |
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| Trading
Signals |
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| Sector and
Industry |
| Description |
Name |
Rank |
| Sector |
Consumer Discretionary |
8 |
| Industry |
Casinos & Gaming |
62 |
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| Daily Trend |
| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Uptrend |
| Low |
35.56 |
| Low Date |
11/05/2024 |
| High |
38.59 |
| High Date |
11/14/2024 |
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| Weekly Trend |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
Descending Triangle |
| Status |
Broken Resistance |
| Resistance |
34.89 |
| Support |
35.85 |
| High |
42.54 |
| High Date |
10/29/2024 |
| Low |
35.56 |
| Low Date |
11/05/2024 |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Broadening Ascending Wedge |
| Status |
Valid |
| Resistance |
43.19 |
| Support |
35.46 |
| Low |
33.44 |
| Low Date |
08/05/2024 |
| High |
42.54 |
| High Date |
10/29/2024 |
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| Quarterly Trend |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
Broadening Descending Wedge |
| Status |
Valid |
| Resistance |
46.11 |
| Support |
26.16 |
| High |
48.25 |
| High Date |
04/01/2024 |
| Low |
33.44 |
| Low Date |
08/05/2024 |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
DownTrend |
| Status |
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| Resistance |
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| Support |
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| High |
51.35 |
| High Date |
07/31/2023 |
| Low |
33.44 |
| Low Date |
08/05/2024 |
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