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.
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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.