Stock Trading Predictions & Technical Analysis: MGM

Monday, September 14, 2009

MGM - What now?

Today MGM has moved again higher for 8th straight session, hitting a higher low but staying below its previous high, for the first time during all these sessions. Also, the volume has consistently increased in these last sessions, but suddenly dropped today. A fall in volume usually precedes a fall in the share price; An increase in volume is required to see a continued increase in the share price. As long as MGM remains below its $12.59 top. MGM seems to be starting build support around $11.70. As long as MGM stays within this range, I'm issuing a WAIT signal. If MGM break $12.59, and closes higher, this would be a new buy indicator. If MGM breaks down below approximately $11.70, it would be a potential sell signal, but ideally it would have to be a break below $11.25-$11.00 where it should have strong support. If MGM hits $11.25-$11.00, and bounces back up, this would be also a BUY signal. As things stand right now we have support at $11.70, and any bounces back up this price level is bullish, and would give less chance for MGM to fall below.

Current Indicator: MGM - WAIT

6 comments:

arkoSeptember 14, 2009 at 5:24 PM
Nice work. Much appreciated. HGSI seems to be moving higher. With an increase of 6% or so today. Do you see this trend continuing? I see bearish signs on the charts.
ReplyDelete
Replies
UnknownSeptember 14, 2009 at 5:29 PM
Yoel what is your prediction for LVS, it also started rallying with MGM and had a run of about +8% today and got an upgrade today. Do you see this trend cont. till LVS reaches around 21?
ReplyDelete
Replies
YoelSeptember 14, 2009 at 5:44 PM
As I posted in my last post, I'm maintaining a HOLD on LVS, it's in a strong and stable uptrend. It's hard to say where it will stop, and I'm not sure how you came up with $21, but as long as the trend continues you should hold on. LVS, like I mentioned in an old post is one of the 5 stocks along with MGM that I expect to outperform the market in general, at least for the remainder of the year. MGM is a bit more choppy than LVS. As things stand, based on my top 5 outperforming stocks for the year, it now looks like MGM & LVS will outperform my number one pick of BAC. But you never know, things change quickly, and MGM & LVS are generally very volatile.
ReplyDelete
Replies
YoelSeptember 14, 2009 at 5:47 PM
arko, HGSI is in a very slow, and slowing uptrend. I don't see very much sign of a reversal yet, but it may happen sooner rather than later, if HGSI continues to move slower and slower to finally turn lower. At this time the trend is still slightly up, you can hold on if you are long, but I wouldn't expect much of a return from it. It looks a lot like CIT's chart.
ReplyDelete
Replies
arkoSeptember 14, 2009 at 5:56 PM
thanks yoel, appreciate your feedback as always.
ReplyDelete
Replies
UnknownSeptember 15, 2009 at 2:15 PM
Thanks Yoel for your comments. I got $21 number from the analysts upgrade for LVS from yesterday. Looks like all the casino stocks are not ready to stop!!
ReplyDelete
Replies

Add comment

Subscribe to: Post Comments (Atom)

DISCLAIMER

The analysis and information given on this site is for information purposes only. Trading in these strategies may result in capital loss. Individuals should do their own independent research or consult an investment advisor before taking investment action. All materials on this site, including the stock picks, are for news and entertainment purposes only and are provided on an "as is" basis and without warranties of any kind, either express or implied.

Under no circumstances will yoel stockpredictions.blogspot.com be liable for any special or consequential damages that result from the use of, or the inability to use, the materials in this site, even if advised of the possibility of such damages including, but not limited to, negligence. In no event shall yoel-stockpredictions.blogspot.com have liability to you for any damages, and losses for accessing this site or using the information provided.Yoel-stockpredictions.blogspot.com does not guarantee that the information contained herein or distributed from this site will be uninterrupted or error-free, that defects will be corrected. Past Results are not necessarily indicative of future performance.

Yoel-stockpredictions.blogspot.com does not trade against you. Some sites are using the size of their visitors to 'move the market' and take advantage personally with their stock picks. This is illegal, and mostly applicable in smaller less liquid securities, which are not covered on this site. It is highly unlikely that the articles in this site about stock picks could ever move the market.

As a visitor to this site, you acknowledge and agree that any reliance on or use by you of any information available on this site shall be entirely at your own risk. In no event shall yoel-stockpredictions.blogspot.com be liable for any direct, indirect, consequential or exemplary damages arising from the use or the performance of this site, even if will yoel-stockpredictions.blogspot.com has advised of the possibility of such damages. Trading may not be suitable for all visitors of this site or the information provided by this service. The visitors assume the entire cost and risk of any trading they choose to undertake.

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.