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Casinos & Gaming Industry Stocks Technical Analysis - MGMArchive
- 4/19/2024 -
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MGM Resorts International (MGM) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
Move cursor over the icon to see details.
| | It was the negative week for the MGM Resorts International (MGM). During the week, the MGM gave back -0.06 points, or -0.14%, and closed at 42.42 on Friday, April 19, 2024. Weekly volume was -29% below average.
 Long-term trend: [See MGM long-term trend chart]
A long-term uptrend had started on June 23, 2022 at 26.41 and reached 51.35 on July 31, 2023. MGM gained -24.94 points, or -94.43%, in 57 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Medium-term trend: [See MGM medium-term trend chart]
A medium-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 (43.87) 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 medium-term trend.
 Weekly Technical Indicators: [See MGM weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 1, 2024 at 48.25 and reached 41.52 on April 18, 2024. MGM lost 6.73 points, or 13.95%, in 17 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 41.05 and resistance is at 45.06. 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 short-term trend.
 Daily Technical Indicators: [See MGM daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. 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 links to access Lane's Stochastic 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. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
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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 |
6 |
| Industry |
Casinos & Gaming |
33 |
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| Daily Trend |
| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Uptrend |
| Low |
41.52 |
| Low Date |
04/18/2024 |
| High |
42.75 |
| High Date |
04/19/2024 |
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| Weekly Trend |
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| Description |
Value |
| Direction |
Down |
| Chart Pattern |
Broadening Descending Wedge |
| Status |
Valid |
| Resistance |
45.06 |
| Support |
41.05 |
| High |
48.25 |
| High Date |
04/01/2024 |
| Low |
41.52 |
| Low Date |
04/18/2024 |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Uptrend |
| Status |
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| Resistance |
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| Support |
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| Low |
41.25 |
| Low Date |
03/05/2024 |
| High |
48.25 |
| High Date |
04/01/2024 |
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| Quarterly Trend |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Rising Wedge |
| Status |
Broken Support |
| Resistance |
48.56 |
| Support |
43.87 |
| Low |
34.13 |
| Low Date |
10/27/2023 |
| High |
48.25 |
| High Date |
04/01/2024 |
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| Description |
Value |
| Direction |
Up |
| Chart Pattern |
Uptrend |
| Status |
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| Resistance |
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| Support |
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| Low |
26.41 |
| Low Date |
06/23/2022 |
| High |
51.35 |
| High Date |
07/31/2023 |
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