After Yesterday's Rally of 2.38% Shares Could Potentially Pullback
MGM Resorts International (NYSE:MGM) traded in a range yesterday that spanned from a low of $21.27 to a high of $22.27. Yesterday, the shares gained 2.4%, which took the trading range above the 3-day high of $21.89 on volume of 8.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of MGM Resorts International on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $19.71. Since that recommendation, shares of MGM Resorts International have risen 9.0%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Over the past year, MGM Resorts International has traded in a range of $16.18 to $24.41 and is now at $22.13, 37% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.9%.
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