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Look for Shares of MGM Resorts International to Potentially Rebound after Yesterday's 1.01% Sell Off

By James Quinn

MGM Resorts International (NYSE:MGM) traded in a range yesterday that spanned from a low of $23.92 to a high of $24.27. Yesterday, the shares fell 1.0%, which took the trading range below the 3-day low of $23.95 on volume of 1.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, MGM Resorts International has traded in a range of $16.18 to $25.29 and is now at $24.05, 49% above that low. 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%.

SmarTrend is tracking the current trend status for MGM Resorts International and will alert subscribers who have MGM in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders mgm resorts international

Ticker(s): MGM