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

By Shiri Gupta

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 $27.51 and $27.75 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.

In the past 52 weeks, shares of Mgm Resorts Inte have traded between a low of $21.62 and a high of $36.73 and closed yesterday at $27.75, which is 28% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

Potential upside of 39.6% exists for Mgm Resorts Inte, based on a current level of $27.75 and analysts' average consensus price target of $38.74. Mgm Resorts Inte shares have support at the 200-day moving average (MA) of $27.46 and additional support at the 50-day MA of $27.02.

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.

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 am inside day candle mgm resorts inte

Ticker(s): MGM