MGM Resorts International Stock Forecast
MGM Resorts International stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on Apr 25, 2024)
The MGM Resorts International stock price fell by -1.24% on the last day (Thursday, 25th Apr 2024) from $42.71 to $42.18. During the last trading day the stock fluctuated 1.19% from a day low at $42.06 to a day high of $42.56. The price has been going up and down for this period, and there has been a -5.68% loss for the last 2 weeks. Volume has increased on the last day by 339 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $123.01 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $41.79 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect MGM Resorts International stock with a 90% probability to be traded between $41.85 and $47.86 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MGM Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 0.357%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The MGM Resorts International stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $42.38 and $44.19. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for MGM Resorts International stock
MGM Resorts International finds support from accumulated volume at $42.04 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.500 between high and low, or 1.19%. For the last week, the stock has had daily average volatility of 1.90%.
MGM Resorts International is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MGM) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect MGM Resorts International to open at $42.27, and during the day (based on 14 day Average True Range), to move between $41.11 and $43.25, which gives a possible trading interval of +/-$1.07 (+/-2.53%) up or down from last closing price. If MGM Resorts International takes out the full calculated possible swing range there will be an estimated 5.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $42.04 (0.33%) than the resistance at $42.80 (1.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
MGM Resorts International will release earnings AMC on Wednesday, May 01, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.600. We will update the financials statements for MGM Resorts International, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.69% in the first trading day after earnings release.
Is MGM Resorts International stock A Buy?
MGM Resorts International holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.363 Sell Candidate Downgraded
Predicted Opening Price for MGM Resorts International of Friday, April 26, 2024
Fair opening price April 26, 2024 | Current price |
---|---|
$42.27 ( 0.205%) | $42.18 |
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 | 42.77 | 1.39 % | |
R2 | 42.58 | 0.94 % | ||
R1 | 42.46 | 0.658 % | ||
Current price: | 42.18 | |||
Support | S1 | 42.08 | -0.247 % | |
S2 | 41.96 | -0.527 % | ||
S3 | 41.77 | -0.98 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 45.66 | 8.25 % | |
R2 | 44.72 | 6.02 % | ||
R1 | 42.80 | 1.47 % | ||
Current price | 42.18 | |||
Support | S1 | 42.04 | -0.332% | |
S2 | 42.03 | -0.356% | ||
S3 | 41.99 | -0.450% |
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
Click here for our free guide on how to buy MGM Resorts International Stock.