MGM Resorts International Stock Forecast
Stronger technical forecast for MGM Resorts International stock price after Monday trading.
(Updated on Mar 18, 2024)
The MGM Resorts International stock price gained 2.89% on the last trading day (Monday, 18th Mar 2024), rising from $42.88 to $44.12. During the last trading day the stock fluctuated 3.30% from a day low at $43.03 to a day high of $44.45. The price has risen in 7 of the last 10 days and is up by 5.02% over the past 2 weeks. Volume fell on the last day by -74 thousand shares and in total, 4 million shares were bought and sold for approximately $155.77 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -3.98% during the next 3 months and, with a 90% probability hold a price between $38.68 and $44.41 at the end of this 3-month period.
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MGM Signals & Forecast
Mostly positive signals in the chart today. The MGM Resorts International stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $42.93 and $43.43. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 26, 2024, and so far it has risen 5.68%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for MGM Resorts International stock
MGM Resorts International finds support from accumulated volume at $43.49 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.42 between high and low, or 3.30%. For the last week the stock has had daily average volatility of 2.18%.
Our recommended stop-loss: $42.10 (-4.57%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (MGM) For The Upcoming Trading Day Of Tuesday 19th
For the upcoming trading day on Tuesday, 19th we expect MGM Resorts International to open at $43.86, and during the day (based on 14 day Average True Range), to move between $43.08 and $45.16, which gives a possible trading interval of +/-$1.04 (+/-2.36%) up or down from last closing price. If MGM Resorts International takes out the full calculated possible swing range there will be an estimated 4.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $44.71 (1.34%) than the support at $43.49 (1.43%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is MGM Resorts International stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.543 Buy Candidate Upgraded
Predicted Opening Price for MGM Resorts International of Tuesday, March 19, 2024
Fair opening price March 19, 2024 | Current price |
---|---|
$43.86 ( 0.582%) | $44.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 45.28 | 2.64 % | |
R2 | 44.74 | 1.41 % | ||
R1 | 44.41 | 0.648 % | ||
Current price: | 44.12 | |||
Support | S1 | 43.32 | -1.81 % | |
S2 | 42.99 | -2.57 % | ||
S3 | 42.44 | -3.80 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 45.66 | 3.49 % | |
R2 | 45.02 | 2.04 % | ||
R1 | 44.71 | 1.34 % | ||
Current price | 44.12 | |||
Support | S1 | 43.49 | -1.43% | |
S2 | 42.86 | -2.86% | ||
S3 | 42.80 | -2.99% |
MGM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Nov 02, 2022 | Dec 08, 2022 | Dec 15, 2022 | $0.0030 | 0.0083% |
2 | Aug 03, 2022 | Sep 08, 2022 | Sep 15, 2022 | $0.0030 | 0.0087% |
3 | May 02, 2022 | Jun 09, 2022 | Jun 15, 2022 | $0.0030 | 0.0100% |
4 | Feb 09, 2022 | Mar 09, 2022 | Mar 15, 2022 | $0.0030 | 0.0075% |
5 | Nov 03, 2021 | Dec 09, 2021 | Dec 15, 2021 | $0.0030 | 0.0073% |
FAQ
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