1 MGM stock has made a bottom near $35 and pulled back in the past sessions. 2 Buyers are attempting to surpass the resistance mark of $40. MGM Resorts International (NYSE: MGM) is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casi...
- 1 MGM stock has made a bottom near $35 and pulled back in the past sessions.
- 2 Buyers are attempting to surpass the resistance mark of $40.
MGM Resorts International (NYSE: MGM) is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China. The company was founded by Kerkor Kerkorian on January 29, 1986, and is headquartered in Las Vegas, NV.
Will MGM Stock Regain Bullishness Above $40?
MGM stock has made a double bottom pattern and rebounded in the past sessions. Furthermore, the stock has surpassed the 50 day EMA and is close to the neckline of $40. Moreover, the stock has corrected and is ready to retain the higher zones.
MGM Stock Price Prediction 2023
On the daily charts, MGM stock bounced from the support zone of $35 and is showing accumulation in the past sessions. Furthermore, the price action shows buying momentum as the stock has surpassed the 20 day and 50 day EMAs.
At press time, MGM stock price is trading at $38.28 with an intraday gain of 0.31% showing neutrality on the charts. Moreover, the trading volume increased by 0.55% to 4.90 Million while the market cap is $13.432 Billion. However, analysts have maintained a buy rating with a yearly target price of $56.10 suggesting a growth outlook for the upcoming sessions.
Per the ongoing trend, MGM stock is in bearish trajectory and is below the round mark of $50. Bulls need to retain $50 to extend their run.
Conversely, if the bears push stock below $35 again, MGM stock will retest the demand zone of $30 soon.
MGM Stock Price Prediction 2024
On the monthly charts, MGM stock showcased a double top pattern and was retraced to the 50% Fibonacci retracement zone near the 100 day EMA. Thereafter, MGM stock has rebound and made a bullish engulfing candlestick in the past sessions. Furthermore, the price action has showcased the buying interest and is holded the gains absorbing the selloff in the past sessions.
The RSI curve is near the midline and shows a bearish divergence suggesting a parity in seller and buyer interest.
The MACD indicator showed a bullish crossover and formed green bars on the histogram suggesting a positive outlook. If bulls succeed in surpassing the 200 day EMA barrier, MGM stock has the potential to reach the maximum of $65 followed by $75 by 2024.
On the contrary, MGM stock will reach the downside of $25 followed by $15 by 2024.
MGM Stock Price Prediction 2025
On the 6 months chart, MGM stock is regaining the momentum and is forming the higher highs inside the rising channel. Furthermore, the chart shows that stock has made a double bottom pattern and that buying interest was witnessed in the past few sessions.
If the buying momentum continues, MGM stock could go as high as $80 in the next few years. In case of a bearish spell, MGM could retest $10.
Summary
MGM stock price has surpassed the 20 day and 50 day EMA hurdles decisively amid buying interest in the past number of sessions. Moreover, the option chain shows long buildup activity. Buyers have regained the strength again and are looking to touch the round mark of $50 in the next sessions.
Technical Levels
Support Levels: $35 and $30
Resistance Levels: $40 and $45
Disclaimer
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