Trading Idea: - Is MGM Resorts close to Resistance?
Published on Wednesday, 13 February 2013 06:40 Written by TradersHuddle Wire
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.
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