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John Mylant
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Residing in Colorado Springs, Colorado. Has been trading and coaching using a self-developed option trading system for 10 years. Philosophically conservative, accurately trades weekly options with a strong risk management approach. Well sought after by investors around the world, he teaches a... More
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SPY Technical Analysis
  • Watch IGT For a Nice Trade This Week 0 comments
    May 2, 2010 7:30 AM | about stocks: IGT
    International Game Technology (NYSE:IGT) A Stock to Watch International Game Technology (IGT)

    International Game Technology (IGT) designs, manufactures, and markets electronic gaming equipment and systems products worldwide. The company offers casino-style slot machines that determine the game play outcome at the machine; wide area progressive jackpot systems with linked machines across various casinos; central determination system machines connected to a central server that determines the game outcome, encompassing video lottery terminals used primarily in government-sponsored applications and electronic or video bingo machines; amusement with prize games; and pachisuro machines.

    We have a nice falling wedge breakout already. Found within a downtrend, the falling wedge is often a reversal pattern. The falling wedge pattern is a contracting trading range with a downward tilt.  This may be seen by drawing two trend lines, a steeper trend line connecting minor highs, and a shallow trend line connecting minor lows.  The early portion of the wedge has a wider price range, while the latter stages of a falling wedge are characterized by tighter price action. When a falling wedge is a reversal pattern, (as in this case), the widest portion of the wedge may be added to the breakout level to determine the upside move which follows.

    We have quite a bit of uptrend to move yet. Nice investment.

    Disclosure: Hold
    Stocks: IGT
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