Golden Nugget Online Gaming Stock Is Trending: Technicals To Watch

Golden Nugget Online Gaming GNOG shares were trading on higher-than-average volume Monday.

The company is an online casino operator that's gone live in the states of Michigan and New Jersey. Here are some technicals to watch in the stock.

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.