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Thursday, November 11, 2021 4:51:24 PM
Casino MGM Resorts International (MGM) Stock's Tumble From Peak Could Be Short-Lived
By: Schaeffer's Investment Research | November 11, 2021
• MGM has been falling from its Nov. 8, 13-year high
• The stock has upgrade potential as well
The shares of MGM Resorts International (NYSE: MGM) have been falling from their recent Nov. 8, 13-year peak of $51.17. Today, the stock is down 0.9% to trade at $45.66 at last check -- its lowest level in roughly a month. However, this dip has MGM pulling back to its 40-day moving average, after spending a significant period of time above it.
According to data from Schaeffer's Senior Quantitative Analyst Rocky White, six similar signals have occurred in the past three years. MGM Resorts stock enjoyed a positive return one-month return in 50% of those cases, averaging a 3.3% gain. From its current perch, a similar move would send MGM back up toward its recent highs.
A round of upgrades could provide tailwinds for the equity as well. Of the nine analysts in coverage, five carry a "hold" or worse rating on MGM, with four a "strong buy."
It's also worth noting that the security's Relative Strength Index (RSI) of 38 is nearing "oversold" territory, despite its recent positive price action. This means a short-term pop could be right on the horizon.
Read Full Story »»»
DiscoverGold
By: Schaeffer's Investment Research | November 11, 2021
• MGM has been falling from its Nov. 8, 13-year high
• The stock has upgrade potential as well
The shares of MGM Resorts International (NYSE: MGM) have been falling from their recent Nov. 8, 13-year peak of $51.17. Today, the stock is down 0.9% to trade at $45.66 at last check -- its lowest level in roughly a month. However, this dip has MGM pulling back to its 40-day moving average, after spending a significant period of time above it.
According to data from Schaeffer's Senior Quantitative Analyst Rocky White, six similar signals have occurred in the past three years. MGM Resorts stock enjoyed a positive return one-month return in 50% of those cases, averaging a 3.3% gain. From its current perch, a similar move would send MGM back up toward its recent highs.
A round of upgrades could provide tailwinds for the equity as well. Of the nine analysts in coverage, five carry a "hold" or worse rating on MGM, with four a "strong buy."
It's also worth noting that the security's Relative Strength Index (RSI) of 38 is nearing "oversold" territory, despite its recent positive price action. This means a short-term pop could be right on the horizon.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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