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Possible Bullish Inside Day Candle Pattern Detected for International Game Technology (NYSE:IGT)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in International Game Technology (NYSE:IGT) based on the price action in the company's shares. Yesterday's price range of $21.85 and $22.25 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of International Game Technology may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, International Game Technology share prices have been bracketed by a low of $12.48 and a high of $32.07 and closed yesterday at $22.09, 77% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has remained constant.

International Game Technology designs and manufactures computerized casino gaming systems. The Company also develops and manufactures systems that monitor slot machine play and track player activity, as well as wide area progressive systems. International Game sells its products around the world.

Potential upside of 41.2% exists for International Game Technology, based on a current level of $22.09 and analysts' average consensus price target of $31.20. International Game Technology shares have support at the 50-day moving average (MA) of $17.15 and additional support at the 200-day MA of $16.41.

SmarTrend recommended that its subscribers protect gains by selling shares of International Game Technology on March 10th, 2017 by issuing a Downtrend alert when the shares were trading at $23.72. Since that call, shares of International Game Technology have fallen 8.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle international game technology

Ticker(s): IGT