Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks. This blog post features from the watchlist section MGM Resorts International, Inc. listed on the New York Stock Exchange.
MGM RESORTS INTERNATIONAL (MGM.N) – new addition to watchlist
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. The stock is listed on the New York Stock Exchange. Price chart formed a 5 month-long cup & handle continuation with the horizontal boundary acting as strong resistance at 24.00 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 25.00 levels will confirm the breakout from the 5 month-long cup & handle continuation with the possible chart pattern price target of 32.50 levels.
An educational video on How cup & handle continuation can form, breakout and resume uptrend…
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