MGM stock rose over 5% as company plans to lay off 18k employees

MGM (MGM.US) will lay off 18K previously furloughed employees in the U.S., making their job cuts permanent, as the global travel slowdown is negatively affecting the casino industry's recovery from the COVID-19 pandemic.

Federal law requires workers to be given a separation date if they’re furloughed for longer than six months. Aug. 31 marks six months of administrative separation for the furloughed MGM employees.

MGM (MGM.US) stock price is testing major resistance level at $23.86. If bulls manage to break above it, the way towards next resistance at $29.53 will be left open. However if sellers manage to halt advance there, the downward correction may start. Local support is located at $17.97 and is additionally strengthened by 50 MA (green line). Source: xStation5

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