04.05.2015 - Shares of MGM Resorts International may continue to decline

The stock price of MGM Resorts International has broken through the lower boundary of the rising channel, and after several failed attempts of breaking the strong support level at 21.00, keeps consolidating in the range of 21,00-21,50. In case of the return of the price within the channel, we expect continued price growth to the level of 22.50 and 23.00. On the other hand, fixing below 21.00 will become the basis for a drop in prices to a level of 19.00 and 18.00. Our medium-term outlook is positive, but we recommend to wait for a signal to open new positions.

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