Bullish Trendline Could Power Up Casino Stock

Calls look like a good way to bet on the stock

Digital Content Manager
Feb 15, 2024 at 2:57 PM
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MGM Resorts International (NYSE:MGM) stock is up 1.4% to trade at $43.40 at last check, after Citigroup raised its price target to $68 from $66.50. The shares sport a 3% deficit for 2024 so far, and recently staged a pullback from its peak above $47. Today's bull note could be just the beginning of a rally, however, given the security is trading near a historically bullish trendline.
 
Specifically, MGM Resorts stock is within one standard deviation of its 160-day moving average. Per Schaeffer's Senior Quantitative Analyst Rocky White's data, the equity saw five similar signals in the last three years, defined for this study as having traded north of this trendline 80% of the time over the last two months, and in eight of the last 10 trading days.
 
MGM 160 Day 
Just one month later after 80% of those instances, the security was higher, averaging a 5.6% gain. A comparable move from its current perch would place MGM just shy of $46.
 

Calls look like a good way to go when betting on MGM Resorts stock, as its Schaeffer's Volatility Index (SVI) of 21% sits in the relatively low 24th percentile of its annual range, meaning low volatility expectations from options traders. 

 

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