MGM Resorts Analysis by FX Empire
This is alan farley from fx empire mgm resorts international topped out at a 10-year high right around 38 in 2018 this was a 10-year high because the stock got clobbered and almost went bankrupt in 2008. entered this downtrend uh that dropped
Into the lower 20s right at year's end it spent all of 2019 trying to grind its way back up to the prior high it failed posting this lower high in the mid 30s right at the start of 2020.
Now the stock pulled back into february and then collapsed with all markets during the pandemic shutdowns uh breaking 2019 support right here in the low 20s now into april and the second quarter
The stock rebounded coming back up to new resistance in june and then reversing right at the combination of new resistance and the 50 week moving average it pulled back posted this a higher low
In july and uh has been acting fairly well since that time carving this small scale cup and handle pattern and that's all well and good but the stock is really sandwiched now between support and resistance levels
So it's not a sure thing that it's going to break out and reestablish support in the low 20s this is a real wait and see situation to see which way it goes from here because there's an
Uh equal chance that the stock is going to take off and get back up to the upper 20s or roll over fill this gap come back down to this trend line and even break down and head back into single digits