MGM Resorts Stock Is A Dual Casino Winner

Q2 FY 2021 Earnings Release

On Aug. 4, 2021, MGM reported its Q2 2021 earnings for the quarter ended in June 2021. The Company reported an earnings-per-share loss of (-$0.13) beating consensus analyst estimates for a loss of (-$0.37), a $0.24 beat. Revenues rose 682.6% year-over-year (YoY) to $2.27 billion beating consensus analyst expectations of $2.17 billion. The Company still has $2.7 billion remaining on the current buyback authorization. The Company ended the quarter with $5.6 billion in cash and cash equivalents. MGM Resorts CEO Bill Hornbuckle stated:

CEO Hornbuckle set the tone:

He continued:

CEO Hornbuckle concluded.

Using the rifle charts on the weekly and daily times frames enable a precision view on the price action for MGM stock. The weekly rifle chart has sold off from $45.34 highs to the $35.77Fibonacci (fib) level lows. The weekly market structure low (MSL) buy triggered on a breakout above $39.23. Shares rebound quickly as they surged through the weekly 5-period moving average (MA) at $39.89 through the weekly 15-period MA at $40.95 towards the weekly upper Bollinger Bands (BBs) at $45.76. The weekly stochastic just started to cross up through the 40-band. The daily rifle chart breakout has a riding 5-period MA at $41.57 with a laggard rising 15-period MA at $40.03. The daily stochastic crossed up towards the 90-band as shares rallied for six consecutive days. Prudent investors should be careful not to chase and instead wait for can wait for opportunistic pullback levels at the $41.57 daily 5-period MA, $40.83 level, $39.90 fib, $37.56 fib, $36.65, and the $35.77 fib. Upside trajectories range from the $45.34 fib to the $55.06 fib level.

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