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MGM Resorts Inc. (MGM) Might See Some Bearish Correction After Triple Top

MGM Resorts $MGM has been bullish in 2017, continuing a bullish swing since early 2016.

MGM Daily Chart

(click to enlarge)

Triple Top:
- The daily chart shows that price could not clear above 34.50 three times since June. 
- Also, the fact that price fell below a common support around 30 suggests we might see some further consolidation, in the form of a bearish correction.
- This scenario is likely if price holds under the middle of the triple top, around 32.15. 
- However, because of the prevailing uptrend, we should limit the bearish outlook to around 28-28.50.
- Then, if price starts holding under 30, we might see further downside towards the 27 support/resistance pivot.