It's been a tough week for casino stocks; shares of Wynn, MGM and Las Vegas Sands fell 8, 7 and 4 percent, respectively, in the past five trading sessions. But according to one trader who relies heavily on both the charts and option, it might be time to double down on one name in particular: MGM.
"MGM has pulled back to its 100- and 50-day moving average," said Keene on Friday's "Trading Nation." According to Keene, those levels should act as support and a good entry point. "I think there's opportunity to buy this pullback for upside to $26.50 per share."
The technical level coincides with some recent bullish activity in the name, as well.