BYI - From Financial News Network Online - News Corner via Comtex
Possible Bullish Inside Day Candle Pattern Detected for Bally Technologies (NYSE:BYI)
Analyzing the price chart for Bally Technologies (NYSE:BYI) has revealed a potential bullish inside day candle pattern. Yesterday's price range of $37.43 and $38.08 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Bally Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.Bally Technologies has overhead space with shares priced $37.73, or 9.3% below the average consensus analyst price target of $41.61. The stock should discover initial support at its 200-day moving average (MA) of $35.93 and subsequent support at its 50-day MA of $33.85.
Bally Technologies Inc. designs, manufactures, distributes gaming devices, systems, and technology solutions worldwide. The Company's product line includes slot machines, video slots, wide-area progressives and Class II, lottery and central determination games and platforms. Bally's offers casino management, slot accounting, bonusing, cashless and table management solutions.
Over the past year, Bally Technologies has traded in a range of $24.74 to $44.46 and closed yesterday at $37.73, 53% above that low. The 200-day and 50-day moving averages have moved 0.1% lower and 1.87% higher over the past week, respectively.
