Trading Idea: - Is MGM Resorts close to Resistance?

New York, February 13th (TradersHuddle.com) - 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:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 17,103.90 ▼9.64 (-0.06%)
o S&P 500 1,988.68 ▲5.15 (0.26%)
o NASDAQ 4,477.21 ▲21.19 (0.48%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,103.90 Trade time:11:34AM EDT Value change:▼9.64 (-0.06%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:1,988.68 Trade time:11:34AM EDT Value change:▲5.15 (0.26%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,477.21 Trade time:11:34AM EDT Value change:▲21.19 (0.48%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.