yesterday's close 9/19: $6.03
Consolidation since 7/29 on moderate volume. We have taken out $5.94 and 5.99 closing prices. Yesterday's close at $6.03 puts us within range of $6.10-6.16 which is bullish. Yesterday's volume was the largest since 8/2 when 11mil+ shares traded at $4.60..........also bullish.
A close above $6.16-6.20 on large volume would confirm an intermediate breakout above resistance and take the stock into the low to mid 7s.
Longer term? We'll worry about that later.
If the stock turns around and goes back down below $6 it would continue the consolidation of the stock since July 29th.
Phil ..I see the chart and agree it could be a breakout ,,, however I suspect the overall market is over bought and am less confident and that we may need another announcement to really get rolling ,,,, I usually trade off longer term charts ,,, but hope you are right ...
Hey "Mr. G"........I understand and basically agree with the POV. However, I'm in the somewhat enviable position to be able to both buy and hold for the long term and do some "trading" too (just for fun).
I agree that the general market is overbought and October is generally a "bad luck" month so we could see a decent correction which would be a welcome and necessary thing.
Not to mention politics with the debt issue etc. (not going to go there) but you get my point.
I'm 75-80% in cash now and will wait for the bargains to show up later.
In the meantime..........as always........You and yours have a good one.........P
gp if you like long term charts - check igt - bullish cross on the 10 year chart!
I plan on taking a position on IGT once we get clear of the debt ceiling/government shutdown around the corner and have been following them since March. The CEO was interviewed last night on mad money - dividend and growth play - entering a very prosperous time for the company - stock traded around $40 for several years (currently at 21 and I can see it at 30 in the next 12 months) in the last prosperous cycle. Stock is breaking thru a 4 year resistance level. Still under most peoples radar. I also read in the economist last week that 6 more states are in the process of legalizing on line gambling.....