Can MGM Clear $38.10 After Rising 1.52% to $38.06?
$MGM Resorts International(MGM)$
MGM Resorts International (MGM) Edges +1.52%: Testing Resistance Near $38, Bullish Momentum Building
Latest Close Data
Closed at $38.06 on 2026-02-10 ET, up +1.52%. Current price is ~7.9% below its 52-week high of $41.32.
Core Market Drivers
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The stock is consolidating near recent highs as the broader consumer discretionary sector shows resilience.
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MGM's core Las Vegas and regional casino operations continue to benefit from steady travel demand, while its digital and international segments provide long-term growth optionality.
Technical Analysis
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Daily trading volume of 4.23M shares was slightly below average (Volume Ratio: 0.54).
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The MACD (DIF: 0.373, DEA: -0.140, MACD: 1.026) shows a strong bullish crossover and expanding histogram, confirming upward momentum.
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The 6-day RSI at 79.12 is approaching overbought territory, suggesting near-term consolidation is possible before further gains.
Key Price Levels
* Primary Support: $34.49 (recent swing low & consolidation base)
* Immediate Pivot/Resistance: $38.09-$38.10 (today's high & key technical resistance)
* Strong Resistance: $41.32 (52-week high)
Valuation Perspective
Forward P/E of 17.36x is below its historical average of 20.10x and the Consumer Discretionary sector average (~22x), suggesting the stock is reasonably valued relative to its earnings growth prospects.
Analyst Targets
21 analysts have an average price target of $43.14 (+13.4% upside). Sentiment is positive with 5 Strong Buy, 8 Buy, 11 Hold, and 3 Underperform ratings.
Weekly Outlook
Expect consolidation between $37.00 and $38.50 in the near term as the RSI cools. A decisive close above $38.10 could trigger a move towards the $40.00-$41.32 resistance zone. A break below $34.49 would signal a deeper pullback towards $32.00.
Risk Disclaimer
This analysis is for informational purposes only and not financial advice. Past performance does not guarantee future results. Investing involves risk, including potential loss of principal. Always conduct your own research and consider your financial situation before trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
