Market Snapshots

MGM Wave Analysis – 17 September, 2020

MGM Wave Analysis – 17 September, 2020

• MGM reversed from resistance zone

• Likely to fall to 20.55

MGM recently reversed down from the resistance zone located between the key resistance level 24.00 (which has been steadily reversing the price from the start of June) and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the previous multi-impulse sequence made up of the impulse waves 3 and (C).

MGM is likely to fall further toward the next support level 20.55 (low of the previous short-term correction 2 from last month).

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