EGT nice consolidation today and more!
This is a very good sign as EGT just keeps heading in an upward direction! The pattern of run, consolidate for a few days, then run again, then consolidate seems to continue. I had to be away from my computer for most of the day
but I was very happy to see EGT held above the $1.10 after a quick dip to $1.06 and then hit a High today of $1.20!!
I am going to load up some more shares
tomorrow on any dip back to $1.10 if it happens but may have to buy a bit higher if it gaps up a bit in the morning.
IMHO I can see this stock going up at least another 40 to 50 cents between now and next Friday. The casino opening news should be good for a little pop and will attract those who are watching EGT but may have held off buying so far for whatever reason.
Another thing to note, is that EGT had a little short interest when it was around the $1 mark, but now that has dropped by the wayside. So pluses I see going forward from tomorrow to May 18th (2 weeks from now):
1) Lead up to New Casino opening news
2) Very Low short interest which is understandable if shorters are doing their research on EGT
3) Institutional Funds are in EGT (see morningstar link: http://quote.morningstar.com/stock/s.aspx?t=egt
) and the more this shows strength the more I think we will see more of these large buyers/funds enter the stock
4) Lower and lower Debt for the company
5) If you look at the 4 year chart you can see that the next resistance for EGT is really $1.60 then $2 after that. More mental than anything as it was so long ago it may not even really apply which means we are really more blue sky than anything.
6) 1st Qtr Financials on May 15th--if they are good, then this will breakout and make a run for the $2 mark
7) Could have additional news pop up anytime from EGT's subsidiary --Dolphin Products: http://www.egt-group.com/DolphinSubsidiary.html
8) And the great thing I think is that every time EGT seems like it is going to drop down, we see those large support buys come in.
9) increased volume!
EGT is going to be fun to watch these next 2 weeks!