An Opportunity in MGM
$MGM has taken a hit, due to the recent massacre in Mandalay Bay in Las Vegas.
Whether or not this news will weigh down on the stock for a while, no one knows for certain.
What we do know, as trend traders, is that the stock is now at a great location for a right in, right out trade.
Let’s take a look at the daily chart of $MGM below:
Specifically, we have the 200MA right below us. For trend traders, this is a great location to get long.
We’ll be looking to initiate a long position (watch for our tweet) when we get closer to the 200MA, with a stop just below it.