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After Yesterday's Rally of 1.81% Shares Could Potentially Pullback

By Amy Schwartz

MGM Resorts International (NYSE:MGM) traded in a range yesterday that spanned from a low of $29.16 to a high of $29.55. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $29.13 on volume of 6.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, MGM Resorts International has traded in a range of $16.18 to $30.62 and is now at $29.52, 82% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.3%.

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 6.0%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders mgm resorts international

Ticker(s): MGM