The gambling stocks have performed well over the last few years. MGM has traded sideways while WYNN has continued to climb. The consolidation looks constructive as MGM tries to breakout again. The RSI in the top panel continues to bounce off the 40 level which is a bull-market trait.
The MACD downtrend line appears to be breaking to the upside, so perhaps the stock will be able to make new highs soon. While WYNN continues higher, this pause over the last 6 months just might give a little better buy point for a breakout.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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