IGT 20 DMA Channel Play

IGT.png

I have had shares of International Game Technology (IGT) ever since its original breakout back at $39.35 in September 05. The stock has since formed a nice channel which though drawn somewhat sloppy can for the most part be seen on the chart. The green line is the 20 Day Moving Average, or 20 DMA, and you can see how the stock has recieved support here twice now in the last month or so. Today the stock looks like it will finish off with a nice accumulation day, and may even be a buy today if it breaks $46.90 by 4 PM. Either way your buypoint if you are looking to get in is $46.90 on very strong accumulation volume. Without heavy volume the stock is prone to failure. Also interesting to note is that $47.12 is the all time high for the stock, which was set back in April 2004.

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-- Posted by Blain Reinkensmeyer on January 9, 2007 at 3:43 pm --

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