The Long Investor

$MGM - Chart of the Week

Added 2023-07-24 11:33:45 +0000 UTC

Ok this was a difficult week to pick because there was a lot to choose from but I am going with $MGM for two reasons:

1. The chart looks beautiful and

2. The fundamentals are great.

On the chart, we can see that Wave 2 held between the 0.5 Fib and the 0.618 Fib and bounced and just testing the blue line, which is the previous high, it hasn't broke out yet so we are still early.....or infact, just on time.

So we want to see a break out above $51 and holding above this level. This is a 12-18 month hold to get the most benefit from this buy....so it is a COTW but we need to wait for the breakout with confirmation of holding support and we need to hold this then.

The price is above the 50 and 200 Day MA and found excellent support on both MA's too.

Earnings report is out on the 2nd of August and I listened to their CEO this week and they hinted that bookings are up across the world.

Fundamentals:

PE: 10
FCF: 14

Profit Margin: 13%
Sales QoQ: 35%