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Possible Bearish Inside Day Candle Pattern Detected for Mgm Resorts Inte (NYSE:MGM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Mgm Resorts Inte (NYSE:MGM) based on the price action in the company's shares. Yesterday's price range of $13.87 and $14.64 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Mgm Resorts Inte may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

MGM Resorts International operates gaming, hospitality, and entertainment resorts. The Company offers accommodation, dining, meeting, convention and hospitality management services for casino and non-casino properties around the world.

Mgm Resorts Inte (NYSE:MGM) has potential upside of 158.2% based on a current price of $15.00 and analysts' consensus price target of $38.74. The stock should find initial resistance at its 50-day moving average (MA) of $21.61 and further resistance at its 200-day MA of $27.86.

In the past 52 weeks, Mgm Resorts Inte share prices have been bracketed by a low of $5.90 and a high of $34.63 and closed yesterday at $15.00, 154% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 4.5%.

SmarTrend recommended that subscribers consider buying shares of Mgm Resorts Inte on March 20th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.92. Since that recommendation, shares of Mgm Resorts Inte have risen 37.5%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle mgm resorts inte

Ticker(s): MGM