The leisure gaming group, as a whole, is setting up in a textbook breakout pattern.
Group moves like this can be powerful. The combination of a group move and a similar pattern from an individual stock within that group can lead to a strong advance higher.
IGT stock just made new 52-week highs.
After a shakeout move in mid-March, the stock completed a textbook cup-with-handle pattern and broke out through resistance at $27.
The 200-day moving average has turned up, and all other key moving averages are trending higher and supporting the stock.
Depending on one’s risk tolerance, IGT could be bought here.
My stop would be at 25.75, just below the 50-day moving average and the recent swing low. That would equate to a risk of 8.4% on the trade.
If IGT pulls back to the
27
area, that would be a great place for a pullback buy or to add on to the position.
Group moves like this can be powerful. The combination of a group move and a similar pattern from an individual stock within that group can lead to a strong advance higher.
IGT stock just made new 52-week highs.
After a shakeout move in mid-March, the stock completed a textbook cup-with-handle pattern and broke out through resistance at $27.
The 200-day moving average has turned up, and all other key moving averages are trending higher and supporting the stock.
Depending on one’s risk tolerance, IGT could be bought here.
My stop would be at 25.75, just below the 50-day moving average and the recent swing low. That would equate to a risk of 8.4% on the trade.
If IGT pulls back to the
27
area, that would be a great place for a pullback buy or to add on to the position.