The bearish DailyPlay we chose for Tuesday, Oct 23rd is MGM Resorts (MGM). MGM is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced an 8.43% move lower and its 1m and 6m trend have turned bearish on 10/2 while breaking below its $108 support level.
MGM Resort’s 1m and 6m trends turned bearish on 10/29 while breaking below its $27 support level which now becomes resistance. With a technical score of 2 (out of 10), MGM is a bearish stock that is likely to continue lower.
As a stop loss, if MGM was to trade above $27 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
Upcoming Event: How to Maximize Credit Spreads – Thurs 10/25 @ 12:00 PM EST