Scientific Games put together such an amazing performance on Monday, the company deserves a round of applause. After gapping higher, the stock steadily moved higher as turnover started to swell. The stock was trading at a clip of about 8x its average volume. Clearly, institutions were coming on board. Then Scientific Games flew above resistance and the upper bollinger band, which is called a fat tail condition. That is mega bullish.

The stock might not be done! The MACD is on a buy signal, and money flow has moved into the positive column again. Relative strength is impressive and may have peaked. Look for a followthrough day. It would be a bullish sign and could push this stock back to the old highs in the 40’s. From the current level, that would be nearly a 20% gain.

Scientific Games (Nasdaq: SGMS) Video Chart Analysis

Take a deeper dive into the chart action on tech stock Scientific Games Nasdaq: SGMS and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.

Love what you’re learning in our market analysis? Don’t miss a single video! Get the latest chart action delivered directly to your inbox every week as Bob breaks down stocks to watch and potential trade options!

About Scientific Games

Scientific Games Corporation is the leading integrated supplier of instant tickets, systems and services to lotteries, and the leading supplier of wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut and the Netherlands and is a leading supplier of prepaid phone cards to telephone companies. Scientific Games’ customers are in the United States and more than 60 other countries.

Source link