TanyushaTech

MGM Resorts shares posted an all-time high at $100.50 in October 2007 and turned lower into the first half of 2008. The decline accelerated during the economic collapse, dropping the stock to an all-time low at $1.81 in March 2009. It has gained ground in three buying impulses in the past decade, topping out in January 2018 just one point under the .382 Fibonacci retracement level of the 2007 into 2009 downtrend.

After bottoming out at $68.96 in late December, TECL's share price has rallied almost 80% to close at $123.56 on Feb. 27. Traders who want to capitalize on this strongly trending market should look for entry points on pullbacks to the 20-day simple moving average (SMA). If the fund's price continues higher, the SMA can then be used as a trailing stop to let profits run. Those who hold open positions should consider moving the stop to the breakeven point when the price nears $130 – an area where it may find resistance from the 200-day SMA.