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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 $36.34 and $36.71 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 has overhead space with shares priced $36.44, or 9.5% below the average consensus analyst price target of $40.25. The stock should find initial support at its 50-day moving average (MA) of $21.23 and further support at its 200-day MA of $20.95.

In the past 52 weeks, Mgm Resorts Inte share prices have been bracketed by a low of $21.31 and a high of $38.41 and are now at $36.44, 71% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has risen 0.3%.

SmarTrend recommended that subscribers consider buying shares of Mgm Resorts Inte on February 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.28. Since that recommendation, shares of Mgm Resorts Inte have risen 4.1%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle mgm resorts inte

Ticker(s): MGM