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MGM Resorts Int'l (MGM) Confirming the Bearish Breakout

MGM Resorts International $MGM was in a critical bearish breakout last time we took a look at the chart. We noted that if price comes up to the $33-$34 area, we should monitor for resistance. Resistance here would point to downside to at least $30.

MGM Daily Chart

(click to enlarge)

Bearish Confirmation:
- Other than breaking below a support pivot and a rising trendline, price broke below the moving averages.
- Price also respected these previously support factors as resistance.
- That is a very strong sign that bears are in charge. 
- We noted the $30 level, but don't be surprised if the correction extends towards $28.