If you feel like rolling the dice, get ready to place your bets on MGM Resorts (MGM  ). The gaming stock has had a rough time making any real progress as the bulls and the bears seem to have been at equal odds.

Since June, the stock has entered into an impressively wide trading range. After hitting a high around $34 in June, the stock has oscillated between $30 and $34, giving only the short-term traders the opportunity to trade the stock. Any long-term investment based on this chart would not be attractive to the bulls or bears.

Technical traders will note that the stock moved rather quickly between these highs and lows three different times, but what happened after this is the really interesting part. On October 10th, the stock started to move under the three month range. A chart showing trading volume will show a spike indicating that the bulls had stopped out and the bears thought they finally found their breaking point.

This type of break in a range normally leads to continuation of that move, but not this time. Almost immediately, the stock moved back into the range. Technical traders at this point would have a broken pattern without a clear direction. This is evident as the chart shows October 20th to November 3rd moving tightly sideways. Notice the volume was low as well, proving that traders had no real confidence in the next move.

Fast forward to today. The stock has now moved all the way back to the highs of the initial range, only this time we can assume that the bears have already stopped out or are very close. Any remaining bears that have held on to their short positions will only have one last area to take their losses, and that's right back at the highs of $34.65.

So what are the possibilities here? Well, think of what happens if the stock moves above this very obvious resistance area. Any bulls that have been watching that area will be able to enter confidently now with resistance behind them. Any bears will have to take their losses, which means covering their short position (buying back shares). This double down of buying pressure could be just what MGM needs to move out of this almost six-month range.