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Best-in-Class Casino Operator Offers Nice Breakout Potential Ahead of Key Catalysts

by | Oct 11, 2021

MGM Resorts (MGM) setting up well in a bull flag above the 8- and 21-EMA with monthly value-high just below as well. Shares have been trending higher since July and showing strong relative strength versus other casino/gaming peers. A breakout has room to run as it clears a big weekly range and upside to $55-$60. MGM has seen some large call buys recently including 12,750 November $44 calls on 10/8 and buyers in the October 29th (W) $47 calls on 10/5 in size. The December $43 and $46 calls and March $50/$60 call spreads also active in recent months.

Trade to Consider: Long the MGM December $46 calls for $2.65 or Better

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