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- 4/26/2024 -
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MGM Resorts International (MGM) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the MGM Resorts International (MGM). During the week, the MGM dropped -1.33 points, or -3.14%, and closed at 41.09 on Friday, April 26, 2024. Weekly volume was -33% below average.
 Long-term trend: [See MGM long-term trend chart]
A long-term uptrend had started on October 27, 2023 at 34.13 and reached 48.25 on April 1, 2024. MGM gained -14.12 points, or -41.37%, in 22 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (44.28) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. MGM may retest the broken support line. It is considered to be a resistance line now. 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 support in a long-term trend.
 Medium-term trend: [See MGM medium-term trend chart]
A medium-term downtrend had started on April 1, 2024 at 48.25 and reached 41.06 on April 26, 2024. MGM lost 7.19 points, or 14.90%, in 3 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 38.69 and resistance is at 42.75. 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 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 April 24, 2024 at 43.28 and reached 41.06 on April 26, 2024. MGM lost 2.22 points, or 5.13%, in 2 days. Price is near the trend low.
 Daily Technical Indicators: [See MGM daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Daily Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since April 9, 2024. This is an indication that the short-term trend is down.
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