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Possible Bearish Inside Day Candle Pattern Detected for Mgm Resorts Inte (NYSE:MGM)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mgm Resorts Inte (NYSE:MGM) based on the price action in the company's shares. Yesterday's price range of $28.35 and $28.60 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Mgm Resorts Inte may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Mgm Resorts Inte (NYSE:MGM) has potential upside of 36.1% based on a current price of $28.46 and analysts' consensus price target of $38.74. The stock should find resistance at its 200-day moving average (MA) of $28.80, as well as support at its 50-day MA of $26.23.

MGM Resorts International operates gaming, hospitality, and entertainment resorts. The Company offers accommodation, dining, meeting, convention and hospitality management services for casino and non-casino properties around the world.

Mgm Resorts Inte share prices have moved between a 52-week high of $38.41 and a 52-week low of $21.62 and closed yesterday at 32% above that low price at $28.46 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has slid 0.5%.

SmarTrend recommended that subscribers consider buying shares of Mgm Resorts Inte on January 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $25.18. Since that recommendation, shares of Mgm Resorts Inte have risen 14.0%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mgm resorts inte

Ticker(s): MGM