Wednesday, September 22, 2010

NYSE : MGM Resort International Inc

NYSE : MGM Resort International Inc
It's a real pity we cut stop MGM the last round when it drop. As I said before, I'm very bullish about the gaming industry and it is for all to see that LVS, SJM and Genting went up alot in the recent months. MGM is one of the most heavily shorted counters in NYSE. Although MGM's performance is nowhere near the rest, I strongly believe it's at a very attractive price still and there is plenty of room to go up.

Recent few days performance has outperform LVS (which I feel isn't alot of upside potential now). MGM has broken it's recent downward trendline yesterday with a strong 8% gain. With this gain, it also forms a higher high and I believe this counter should start a gentle uptrend soon.

Entry price : US$10.73
Cut loss price : US$8.92
Target price : Approx US$12.50 (there is potential to be more)

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