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SmarTrend Watching for Potential Pullback in Shares of MGM Resorts International After 2.33% Gain

By James Quinn

MGM Resorts International (NYSE:MGM) traded in a range yesterday that spanned from a low of $25.28 to a high of $25.69. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $25.66 on volume of 2.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of MGM Resorts International have traded between a low of $16.18 and a high of $25.72 and are now at $25.66, which is 59% above that low price. 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 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