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MGM Mirage

MGM has broken out of $14 on good volume and the long thrust white candlestick signals strength in the move. Currently, the stock is experiencing its first pullback after breakout. The key signal to note is that the last two trading sessions ended with a drop in the stock price but with two hammer formations and high volume. MGM actually closed off its low above the 13D MA when Dow Jones drop 120 points on friday. This shows that the stock is resilent and although the next few sessions will probably be more sideway consolidation before the stock burst upwards. Technical target for this run is USD$20.

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