Trading Idea: - Is MGM Resorts close to Resistance?

New York, February 13th ( - Shares of MGM Resorts International (NYSE:MGM) are trading very close to calculated resistance at $13.59. The stock ended the trading session at just $13.32, which is near levels that make it difficult to buy or start a position.

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 range is defined by its calculated support defined at $12.50 and by the resistance level at $13.59; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for MGM Resorts. However, as the stock pulls back towards $12.50 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $13.59 then traders will get an opportunity to enter the stock as it moves to a higher range.

TradersHuddle Search

Stock Search:

Site Search:

Recent Trading Ideas

Latest Partner Headlines

Stock Market

o Dow Jones 17,798.49 ▼14.90 (-0.08%)
o S&P 500 2,090.11 ▲1.24 (0.06%)
o NASDAQ 5,127.52 ▲11.38 (0.22%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,798.49 Trade time:1:57PM EST Value change:▼14.90 (-0.08%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,090.11 Trade time:1:57PM EST Value change:▲1.24 (0.06%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:5,127.52 Trade time:2:15PM EST Value change:▲11.38 (0.22%)
Copyright © 2013 All Rights Reserved.