What’s up, everybody?
I want to share a trade I jumped into this morning in MGM Resorts (MGM). The risk on this setup is minimal, and the technical picture looks too good to ignore, so I wanted to get this out to you before it gets away from us.
Fundamentally, the company has some overhead issues—very thin margins and a lot of debt—but the chart is telling a story of a potential major reversal. We have a classic failed breakdown setup, and a huge potential news catalyst on the horizon that could send this stock flying.
MGM has been lagging behind its peers like Wynn, but I believe it’s about to play catch-up. Here’s the breakdown.
