Dec. 17 at 3:17 AM
Actionable Trade Alert for
$MGM:
Market Context:
$MGM is currently trading at
$36.84, showing strong momentum with an RSI of 79.11, indicating overbought conditions. The stock is above its 30-day MA of
$33.87 and 50-day MA of
$33.22, suggesting bullish sentiment. However, the high of
$37.93 over the last 60 days indicates potential resistance.
Directional Bias: Given the high RSI and proximity to the 60D high, a pullback may occur. However, if momentum continues, we can capitalize on short-term gains.
Trade Plan:
- Suggested Entry:
$36.84
- Stop Loss:
$34.50 (approx. 6.35% below entry)
- Take Profit Targets:
1. Target 1:
$38.00 (3.14% gain)
2. Target 2:
$39.50 (4.50% gain)
3. Target 3:
$43.00 (16.5% gain)
This plan allows for a potential ROI of over 17% on Target 3 while managing risk with a stop loss. Monitor for price action near targets.
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