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Look for Shares of Mgm Resorts Inte to Potentially Pullback after Yesterday's 1.75% Rise

By Shiri Gupta

Mgm Resorts Inte (NYSE:MGM) traded in a range yesterday that spanned from a low of $33.25 to a high of $33.53. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $33.38 on volume of 1.3 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 Inte has traded in a range of $23.68 to $33.72 and is now at $33.73, 42% above that low. The 200-day and 50-day moving averages have moved 0.38% higher and 0.85% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Mgm Resorts Inte on October 25th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.29. Since that recommendation, shares of Mgm Resorts Inte have risen 17.0%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders mgm resorts inte

Ticker(s): MGM