Bears Appeared - International Game Technology

Published on Monday, 30 August 2010 18:21 Written by TradersHuddle Staff

New York, August 30th (TradersHuddle.com) - Shares of International Game Technology (NYSE:IGT) ended the trading session lower by $0.38 or -2.5% from its previous close. IGT's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

International Game Technology (NYSE:IGT) designs and manufactures computerized casino gaming systems. The Company also develops and manufactures systems that monitor slot machine play and track player activity, as well as wide area progressive systems.

IGT's current stock range is defined by calculated support defined at $14.63 and by the resistance level at $15.81, which should be used by traders planning their trades.

Traders wanting to establish a position in International Game Technology stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current International Game Technology shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: