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

By Nick Russo

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. Today's price range of $26.42 and $26.42 is within yesterday'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 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 (NYSE:MGM) has potential upside of 46.6% based on a current price of $26.42 and analysts' consensus price target of $38.74. The stock should find resistance at its 200-day moving average (MA) of $26.85, as well as support at its 50-day MA of $26.30.

In the past 52 weeks, Mgm Resorts Inte share prices have been bracketed by a low of $21.62 and a high of $32.13 and are now at $26.42, 22% above that low price. The 200-day and 50-day moving averages have moved 0.23% lower and 0.19% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Mgm Resorts Inte and will alert subscribers who have MGM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle mgm resorts inte

Ticker(s): MGM