12/08/99 Mirage Resorts (MIR)
Points to watch: Mirage has built a
solid base over the past 4 months and has now moved up to the top end of its
trading range. The stock finished up 1 at 14.56 yesterday after
trading as high as 15.31 intraday.
Resistance is at 15.25-15.50, a level which has marked the
top end of the stock's trading range since August and has stopped rally
attempts in August, September, October, and December. Additional
resistance is at 16.31, a level which acted as resistance in January and as
support on June 29th.
Short
term technical indicators are favorable. Daily MACD, OBV, and RSI
are rising and all 3 indicators showed divergence with price during the
stock's November 11th low.
A buy
signal would be given if the stock breaks up out of its trading range and
moves above 16.31. After a break, resistance would be at 18.3, 19.2,
and 20.5. Strong support is at 13.3.
