Shares of MGM Resorts International (NYSE: MGM) are lower by 5% over the past month, but higher by the same amount over the past week. Technical analysis of the casino operator’s stock indicates more near-term upside could be afoot.
While shares of the Bellagio operator, along with other gaming names, are struggling in the second quarter, the stock’s flirtation with its 160-day moving average could put it in a strong position. It resides one standard deviation from that important technical level.
According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, four similar signals occurred over the past three years, and the stock finished higher each time, with an average 10.3% one-month gain,” noted Schaeffer’s Investment Research.
While shares of the Bellagio operator, along with other gaming names, are struggling in the second quarter, the stock’s flirtation with its 160-day moving average could put it in a strong position. It resides one standard deviation from that important technical level.
According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, four similar signals occurred over the past three years, and the stock finished higher each time, with an average 10.3% one-month gain,” noted Schaeffer’s Investment Research.