MGM psar bull signal

MGM, the giant gaming resort company, is showing a psar bull signal and a coincident pps bull signal on a sharp rise today so far traversing 1.9% low to high.

The stock is trading in an area of congestion stretching from $12.87 down to $10.08, so it's anything but blue skies beaming down on this chart.

You are here:

• Resistance
• $12.87, 17.2%
• $12.49, 13.8%
• $12.03, 9.6%
• $11.76, 7.1%
• $11.40, 3.8%
• Now $10.98
• Support
• $10.35, -5.7%
• $10.08, -8.2
• $9.12, -16.9%

Despite the congestion on the 3-month chart, there's a lot of wiggle room for MGM. The broad trend since mid-January can be seen as a downtrend (lower highs, lower lows), and it would take a rise past $11.76 to change the trend. So any bull directional trade is counter-trend, something I try to avoid in my trading.

The macd is has been in bear mode since Jan. 29 and is rising toward the zero-line. The sto is toying with overbought territory, and the mfi meanders in the neutral zone.

Abbreviations:
pps - Person's Proprietary Signal
ma20 - 20-day moving average
macd - Moving Average Convergence-Divergence
mfi - Money Flow Index
sto - Fast Stochastic