Stock Trading Predictions & Technical Analysis: MGM

Tuesday, September 15, 2009

MGM - Could Go Much Higher

MGM - BUY

MGM has crossed a critical resistance point, going above its April high of $14.01, ideally we would like to see MGM close above this level. If it does, MGM next resistance point is around $15.90, and once MGM crosses this level, there is very little restance up until $38.50. Another positive thing we can observe with MGM is the fact that its 50 day MA has now crossed its 200 day MA.

Long MGM @ 12.74 - TSO: $0.93 set at $14.01

8 comments:

CatSeptember 15, 2009 at 2:57 PM
Hi Joel, where's the next resistance for BAC? thanks.
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CatSeptember 15, 2009 at 2:57 PM
meant MGM.
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YoelSeptember 15, 2009 at 4:43 PM
If there is any resistance it's around May's peak of approximately $14.00. But right now the trend is still up, even if it pullbacks now, I think it may hold up at $11.00-$12.00. If MGM breaks $14.00, who knows where it will stop. I don't think that if you see one down day with MGM, it will be enough to confirm a pullback. MGM is in a very strong uptrend, something could be going on behind the scenes, maybe a major news release could happen soon, who knows. It's hard to say where MGM will stop, but once it starts to pullback it may happen as quickly as it's going up right now. Although, I don't think we'll see the sharp move down we saw a few month ago after MGM peaked. But make sure to have your stop loss orders in place (-7.00% to -8.00%).
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CatSeptember 15, 2009 at 5:59 PM
Thanks for your help, really appreciate it. I would really like to learn more about reading charts, can you give me pointers on how u got started? Thanks for any help u can give.
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leonidasSeptember 15, 2009 at 7:20 PM
Hey Yoel, I would just like to thank you for your much appreciated advice. I am also interested in any pointers you can give on reading charts. What do you think about MOT? Also, what's your profession, if you don't mind me asking.
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YoelSeptember 15, 2009 at 8:02 PM
If there is one book where there is almost everything you need to know about technical analysis and which has helped me enormously in my analysis is: "Technical Analysis - The Complete Resource for Financial Market Technicians" - Authors: Charles D. Kirkpatrick & Julie R. Dahlquist.

MOT is currently in a strong uptrend, it's a HOLD. I will try to post a little more detailed analysis later.
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CatSeptember 15, 2009 at 9:53 PM
Thanks Yoel, really appreciate it. Are your thoughts on LVS still a hold? Seems it's having a strong uptrend similar to MGM. Thanks for all the advice, really do appreciate it.
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YoelSeptember 15, 2009 at 10:44 PM
Yes the strong trend up for LVS is still intact. LVS is still a HOLD. (When I say HOLD it basically means that if you already have a position with it you should hold onto it. A WAIT signal usually means that the stock is trading within a range or there is not clear signal yet of where it might go). Buying during a HOLD may still allow you to make a decent return, you just have the risk of getting in a bit late and just before the trend reverses, it's for you to judge if the stock still has potential to move higher.
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TECHNICAL INDICATORS

BUY SIGNAL: Indicates the possibility of the start of a new up trend or the continuation of the current up trend. This signal may be often given in the early stages of a potential new up trend that was preceded by a down or sideways trend. Such signals do not always succeed and may fail at time.

BUY: Indicates that the current up trend is already in motion and a BUY SIGNAL was already given earlier. A BUY does not necessarily indicate that the stock will continue higher from here, but simply that the stock is trending up. The further into the trend you decide to take a long position, the more risk you have of seeing it reverse back down sooner rather than later.

STRONG BUY SIGNAL: Indicates a stronger, more significant and reliable signal than a BUY SIGNAL which usually has less chance of failing. Such signals do not always succeed and may fail at time.

STRONG BUY: Indicates that the current up trend is already in motion and that STRONG BUY SIGNAL was already given.

SELL SIGNAL: Indicates the possibility of the start of a new down trend or the continuation of the current down trend. This signal may be often given in the early stages of a potential new down trend that was preceded by an up or sideways trend. Such signals do not always succeed and may fail at time.

SELL: Indicates that the current down trend is already in motion and a SELL SIGNAL was already given earlier. A SELL does not necessarily indicate that the stock will continue lower from here, but simply that the stock is trending down. The further into the trend you decide to sell a position, the more risk you have of seeing it reverse back up.

STRONG SELL SIGNAL: Indicates a stronger, more significant and reliable signal than a SELL SIGNAL which usually has less chance of failing. Such signals do not always succeed and may fail at time.

STRONG SELL: Indicates that the current down trend is already in motion and that STRONG SELL SIGNAL was already given.

HOLD: Indicates that traders who already hold this stock, should hold on as long as the trend persists. This signal is usually given during an up trend for which it would be considered too risky to take a long position at this point.

STRONG HOLD: Indicates that the current trend has been in motion for a while and rarely deviated away from the trend. Although the stock may continue higher, there may not be enough potential up side to trigger a BUY SIGNAL. This type of indicator usually means that the stock has very strong support levels which may have been tested but not broken.

WAIT: Usually given during a sideways trend for which we are waiting for a move that would trigger a BUY SIGNAL or SELL SIGNAL. This could also indicate uncertainty and the risk that would be taken if you were to take a long position at the current level. Taking a long position after giving a WAIT indicator is considered a gamble.