Trading Idea - MGM Resorts Broke Resistance, What to Expect?

Hewlett Packard (HPQ)

Dell (DELL)

Facebook (FB)

Apple (AAPL)

Goldman Sachs (GS)

Fred's First Quarter 2012 EPS Increase 17%

Newell Rubbermaid to Reaffirm Fiscal Year 2012 Outlook

Best ETFs For Facebook Exposure

McDonald's Announces Quarterly Cash Dividend

Is KB HOME Closing in to Resistance?

Trading Idea - MGM Resorts Broke Resistance, What to Expect?

Published on Thursday, 02 February 2012 09:04 Written by Christopher Lynn

New York, February 2nd (TradersHuddle.com) - Shares of MGM Resorts International (NYSE:MGM) closed the trading session at $13.70 just above calculated resistance at $13.49 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

MGM Resorts International (NYSE:MGM) has significant holdings in gaming, hospitality and entertainment, owns and operates 16 properties located in Nevada, Mississippi and Michigan. The company, through a joint venture, owns and operates the urban development City Center in Las Vegas Strip.

MGM's stock was trading in a well defined range with support at $12.71 and resistance at $13.49, given that this range was broken traders will be closely monitoring the stock

MGM Resorts International (MGM): Today's Featured Leisure Winner - TheStreet.com
Vegas Pool Clubs Kick Off Early in 2012 - TheStreet.com
UPDATE: Citigroup Raises PT to $15 on MGM Resorts International - Benzinga
UPDATE: MGM Resorts Posts Narrower Q4 Loss - Benzinga
UPDATE: Brean Murray Carret Raises MGM's PT - Benzinga
Diaoyutai MGM Hospitality and Suning Real Estate Announce Shanghai Bund Project - Benzinga
MGM Resorts International Announces Pricing of $240M Senior Secured Notes Offering by CityCenter Holdings - Benzinga
Deutsche Bank Reiterates Buy on MGM Resorts International - Benzinga
MGM Resorts International Announces Proposed Private Offering by CityCenter Holdings - Benzinga
Goldman Sachs Downgrades MGM Resorts to Neutral - Benzinga

Real Money Pro from TheStreet: Headlined by legendary hedge fund manager Doug Kass, our team of market technicians and professional traders hand you unique perspectives and breakthrough investment opportunities. Access this exciting service -- Real Money Pro -- FREE, right now!