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
facebook X logo linkedin

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. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI