Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Wednesday, December 30, 2015

MGM Backtesting Breakout of 2-Year Downhill Channel

MGM, the third of the three musketeer casino stocks, has been gradually working its way out of its 2-year downhill channel using the red incline channel and it has now come to the point of backtesting the breakout from the downhill channel shown in black.

click on image to enlarge

The past year it has become a more volatile stock, pleasing daytraders and swing traders but if it breaks out of the blue channel on the weekly chart, longtermers too will be looking at it.

Trade well my friends


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