Golden Nugget Online Gaming GNOG shares were trading on higher-than-average volume Monday.
The 15-minute chart above shows that the stock seems to be trading in what technical traders would call a channel.
The top of the channel is thought to be a resistance, while the bottom of the channel is a potential support.
The potential resistance level is near the $16.50, a place the stock has been unable to cross above multiple times in the past.
A potential support level is near the $12 mark, as this level has seemed to hold as a support previously.
A bullish technical trader may like to see the price break above the resistance level and consolidate for a time before another move up is possible.
A bearish technical trader may like to see the price break below the support level and consolidate before a further downward move is possible.
The daily chart above shows long term levels of potential support as well as two levels of potential resistance.
The level of support is near $12 on the 15-minute and daily charts as a place where the price has previously been unable to break below with consolidation.
The first potential long-term resistance level comes near the $20 mark. This was previously a resistance level that broke and held as a support level for a time before the support was broken again.
In theory, this level could be a possible resistance in the future.
The next level of potential resistance is near $26. The price has not been able to close above and may act as potential resistance in the future.
Shares of Golden Nugget Online Gambling are trading with a market cap of $921 million and 9.4 million outstanding shares.
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