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Watch for MGM Resorts International to Potentially Pullback After Gaining 3.14% Yesterday
Jan 15, 2013 (SmarTrend(R) News Watch via COMTEX) --
MGM Resorts International (NYSE:MGM) traded in a range yesterday that spanned from a low of $12.59 to a high of $13.17. Yesterday, the shares gained 3.1%, which took the trading range above the 3-day high of $12.86 on volume of 14.7 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, MGM Resorts International share prices have been bracketed by a low of $8.83 and a high of $14.94 and are now at $13.16, 49% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.2%.
SmarTrend recommended that subscribers consider buying shares of MGM Resorts International on December 7th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.86. Since that recommendation, shares of MGM Resorts International have risen 17.4%. We continue to monitor MGM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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