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Possible Bullish Inside Day Candle Pattern Detected for Scientific Gam-A (NASDAQ:SGMS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Scientific Gam-A (NASDAQ:SGMS) based on the price action in the company's shares. Yesterday's price range of $21.91 and $22.26 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 Scientific Gam-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Scientific Gam-A has overhead space with shares priced $22.16, or 62.4% below the average consensus analyst price target of $58.88. The stock should run into initial resistance at its 50-day moving average (MA) of $24.77 and subsequent resistance at its 200-day MA of $29.66.

Scientific Games Corporation provides services, systems, and products to both the pari-mutuel gaming and instant ticket lottery industries. The Company operates an instant ticket and online lottery products, systems, and services business. Scientific Games also operates wagering and communications, venue management, and telecommunications products businesses.

In the past 52 weeks, shares of Scientific Gam-A have traded between a low of $14.79 and a high of $62.80 and closed yesterday at $22.16, which is 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 2.5%.

SmarTrend is monitoring the recent change of momentum in Scientific Gam-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Scientific Gam-A in search of a potential trend change.

Keywords: bullish am inside day candle scientific gam-a

Ticker(s): SGMS