MGM Resorts Is Moving Above Resistance
Published on Wednesday, 08 August 2012 06:52 Written by TradersHuddle Wire
New York, August 8th (TradersHuddle.com) - Shares of MGM Resorts International (NYSE:MGM) closed the session at $10.08 just above calculated resistance at $9.63. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $8.83 and resistance at $9.63. Given that this range was broken, traders will be closely monitoring MGM's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that MGM Resorts is still near the broken resistance level, traders will be focusing on the $9.63 level to see if the stock holds the breakout without rolling over.
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