Look for Shares of MGM Resorts International to Potentially Pullback after Yesterday's 1.70% Rise
MGM Resorts International (NYSE:MGM) traded in a range yesterday that spanned from a low of $26.56 to a high of $26.98. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $26.46 on volume of 4.8 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 August 9th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.77. Since that recommendation, shares of MGM Resorts International have risen 5.7%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
In the past 52 weeks, MGM Resorts International share prices have been bracketed by a low of $16.18 and a high of $27.04 and are now at $26.63, 65% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.3%.
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