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MGM Resorts International (MGM) Is On The Radar, Watch This Chart Pattern

Leading casino and gaming stock, MGM Resorts Intl (MGM), is now on my radar for a potential long side trade. The stock has been trading in a very tight range since August 10th, 2020. The high end of the range for the stock has been around the $24.00 area. Currently, the stock is trading around the $21.57 level. Recently, the stock has been weaving around the important 200-day moving average while building a base. Often, consolidation bases will lead to further upside on the charts down the road a bit.

MGM Resorts Intl (MGM) has also entered the online sports betting market, joining Penn National Gaming (PENN) and DraftKings Inc (DKNG). Earlier this year, Barry Diller’s IAC/Interactivecorp took a 12% stake in MGM to expand its online gambling business. The stock could also benefit on the back of a coronavirus therapeutic or vaccine in the near term.

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