By Mill Chart
Last update: Jan 13, 2022
INTERNATIONAL GAME TECHNOLOG (NYSE:IGT) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:IGT.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
Taking everything into account, IGT scores 7 out of 10 in our technical rating. Both in the recent history as in the last year, IGT has proven to be a steady performer, scoring decent points in every aspect analyzed.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:IGT this score is currently 8:
Besides having an excellent technical rating, IGT also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 27.92, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
Of course, there are many ways to trade or not trade NYSE:IGT and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Our Breakout analyzer lists more breakout setups and is updated daily.