International Game Technology (IGT) was upgraded to a buy by theStreet.com's quantitative service today plus the charts are real attractive. Sounds like a winner on two counts. Let's look at the charts and indicators.
In this daily bar chart of IGT, below, we can see that prices have recently gapped to the upside and are poised to break out on the upside from a $26 to $30 trading range. Prices are above the rising 50-day moving average line and the rising 200-day line. The daily On-Balance-Volume (OBV) just made a new high to foreshadow or confirm new price highs. The OBV line has been rising since early June and tells us that buyers of IGT have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is turning up above the zero line for an outright go long signal.
In this weekly bar chart of IGT, below, we can see that prices are very close to breaking above their 2016 zenith. Prices are above the rising 40-week moving average line. The weekly OBV line has been neutral the past four months but was in a bullish pattern the prior two+ years. The weekly MACD oscillator is above the zero line and is turning up again for a fresh outright go long signal.
In this Point and Figure chart, below, we can see that a trade at $31 will be an upside breakout and open the way for a potential longer-term upside price target of $52.50.
Bottom line -- traders could go long IGT here and on strength above $31. Risk below $27 or $26 looking for gains to the low $50's.