New York, May 14th (TradersHuddle.com) - MGM Resorts International (NYSE:MGM) closed the trading session at $11.63, near its 200 day moving average set at $11.83. MGM's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $11.27 and resistance at $13.89. Traders should closely monitor these levels, as they provide great reference points for the latest price action in MGM Resorts.
If traders want to establish a position on MGM Resorts, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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