Thursday, September 10, 2009

MGM - Trend up, Still Very Strong

Since, I made my prediction on MGM just two days ago and going long, MGM is now up about 20.00%. Today, to cash in some gains, I sold the portion shares representing my dollar gain at $11.00. I have set a new trailing stop order of $0.71, activated at $11.00, based on an average of -7.00% of my initial purchase price of $9.19 and mt first sell point of $11.00. Basically I'm continuing to apply my strategy "Y-Swing", that you can check out in my older posts. By doing this I'm now guaranteed a return of about 12.00%-13.00% for my remaining shares, while leaving myself the potential of seeing appreciate some more. MGM's trend up is still looking very strong, hitting higher highs and higher lows, while closing at its highs. As long as this trend continue you should hold on to your shares. I think and believe that MGM will close at its highs of the day, and therefore it's fair to expected higher highs tomorrow. MGM is looking like it could go much higher before pulling back, the chart is very bullish. The volume has continually increased, required to continue at this pace, and leading the price higher. One signal of a top, would be to see MGM hit higher highs while closing lower than its previous session.



Long MGM @ $9.19 - TSO: $0.71 set at $11.00
Sold portion of shares representing gain, approximately 20.00%
Posted by Yoel at 3:12 PM

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