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Watch for Continued Gains in Shares of MGM Resorts International (MGM)

By Nick Russo

MGM Resorts International (NYSE:MGM) traded at a new 52-week high today of $32.97. Approximately 886,000 shares have changed hands today, as compared to an average 30-day volume of 6.2 million shares.

MGM MIRAGE is a hotel and gaming company that owns and operates various properties located in Nevada, Mississippi, and Michigan. The Company also has investments in other properties in Nevada, New Jersey, and the United Kingdom. In addition, MGM MIRAGE is seeking to develop a mixed-use urban development project in Las Vegas, and has an interest in a casino project in Macau S.A.R.

MGM Resorts International has overhead space with shares priced $32.94, or 1.6% below the average consensus analyst price target of $33.47. 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, shares of MGM Resorts International have traded between a low of $16.18 and a high of $32.97 and are now at $32.94, which is 104% 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 International on March 30th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.35. Since that recommendation, shares of MGM Resorts International have risen 19.2%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows mgm resorts international

Ticker(s): MGM