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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish 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 $30.03 and $30.45 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. Owners of Scientific Gam-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Scientific Gam-A has overhead space with shares priced $30.21, or 48.7% below the average consensus analyst price target of $58.88. Scientific Gam-A shares have support at the 50-day moving average (MA) of $22.81 and additional support at the 200-day MA of $21.74.

Over the past year, Scientific Gam-A has traded in a range of $14.79 to $30.79 and closed yesterday at $30.21, 104% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 3.5%.

SmarTrend is tracking the current trend status for Scientific Gam-A and will alert subscribers who have SGMS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle scientific gam-a

Ticker(s): SGMS