Boyd Gaming (BYD) topped out at $14.85 in May 2010 after plunging to $2.81 during the bear market. It posted higher lows in 2011 and 2012, ahead of a renewed uptrend that stalled at resistance in 2013. The stock has tested that level four times in the last two years, entering the latest test when it gapped up last Monday. It spent the entire week trying to clear $15 but failed to accomplish that task.
Friday's dip into the June 1 gap could yield a breakout but there'd still be exposure down to the $13.90 to $14.30 price zone. A higher low at that level could support low-risk entry, ahead of a rally wave and major breakout with an initial reward target in the low $20s. On Balance Volume (OBV) is still well below the highs posted in 2013 and 2014, suggesting there's no hurry to get on board because upside momentum will take time to accelerate.
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