Scott Redler Says Watch How MGM Reacts To Earnings Today
T3 Live and T3 Trading Group Chief Strategist Scott Redler discussed MGM Resorts International (NYSE: MGM) on the show following its Q1 earnings release.
Redler felt that if the stock rose above $22.50, then it may start a new trend.
Redler said he used to actively trade the stock but had been avoiding it as of late because of the stock’s problems, however, he also said that “one man’s trash could be another man’s treasure.”
The stock was in a descending channel, according to Redler, and trader’s should watch how it reacts on Monday to see if it can sustain a move above the $22.50 level.
The stock did spike above that level at 11:20 a.m. ET, only to fall below Friday’s closing price.
Shares of MGM Resorts International traded recently at $21.24, down 0.75 percent.
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