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Shares of MGM Resorts International (MGM) closed the trading session at $11.14 below calculated support at $11.27. The stock broke down technically, raising concerns as the move might trigger additional selling.

MGM Resorts International (MGM) has significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan. The company, through a joint venture, owns and operates the urban development City Center in Las Vegas Strip.

MGM's stock was trading in a well-defined range with support at $11.27 and resistance at $13.89; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.

From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $11.27 will remain in focus as MGM's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.

Traders wanting to establish a short position in MGM Resorts can do so, if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at the previous support of $11.27. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Shares of JetBlue Airways (JBLU) ended the trading session lower by $0.03 or -0.63% from its previous close. JetBlue's price action developed what can be considered a reversal pattern in the form of a tweezer bottom, which is a candlestick pattern that is usually formed at the end of a downtrend. The tweezer bottom is considered a reversal pattern, so traders will need to monitor the price action for confirmation.

JetBlue Airways (JBLU) provides nonstop passenger flight service. The airline is based in New York and uses John F. Kennedy Airport as its main hub. The company flies to various international destinations and in the United States.

Traders looking for an entry in JetBlue Airways can use the tweezers as a good reference point to establish the long position, as the pattern provides defined risk by giving a good reference point for support.

Traders look for tweezer bottoms, as they provide an entry with a small defined risk. They are a leading indicator that provide an alert for a trend reversal or stabilization. The tweezers imply that bears or sellers were not able to push the stock lower, therefore providing the opportunity to look for a bounce.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Shares of MasterCard, Inc. (MA) closed the trading session at $422.98 below calculated support at $433.84. The stock broke down technically, raising concerns as the move might trigger additional selling.

MasterCard, Inc. (MA) is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

Mastercard's stock was trading in a well defined range with support at $433.84 and resistance at $466.98; given that this range was broken, traders will be closely monitoring the stock's price action for clues of direction.

From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $433.84 will remain in focus as Mastercard's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.

Traders wanting to establish a short position in Mastercard can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $433.84. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.