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Fan Yang

MGM Resorts (MGM) Testing a Price Top

The stock price of MGM Resorts International (MGM) was bullish in 2016, but started to flatten after it cracked 30 at the end of the year. Then in February, we saw a sharp slide, basically completing a price top and entering a period of bearish correction.

MGM Daily Chart

(click to enlarge)

Price Top:
- The daily chart shows the multi-month sideways price action.
- Price then broke below this consolidation range, essentially making the broken range a price top.
- After tagging 25.15, price found support. It has rallied back above 28.00.
- We can see that the price top is being tested, and so far, the market is respecting it. 
- I think, this market is still in bearish correction and I would not be surprised if price came back to the 25.00 handle after respecting the price top. 

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