Boyd Gaming Stalled, Time for the Bears?
Published on Monday, 09 July 2012 04:15 Written by TradersHuddle Wire
New York, July 9th (TradersHuddle.com) - Boyd Gaming Corporation (NYSE:BYD) closed the trading session lower by $0.02 or -0.27% from its previous close. The latest price action developed a short term reversal pattern in the form of a tweezer top, which is a candlestick pattern that is usually formed at the end of an uptrend. Given that the tweezer top is considered a reversal pattern, traders with long positions need to monitor the price action for confirmation of weakness, and plan the position accordingly.
Boyd Gaming Corporation (NYSE:BYD) owns and operates several gaming properties throughout the United States. It uses names like Fremont, The Orleans, Sams Town, and Gold Coast to market its properties. The company also operates entertainment, restaurants, shopping, and recreational facilities on its properties.
Boyd's stock has been in a defined range with calculated support at $6.90 and resistance at $7.30. Given the possibility of short-term weakness in the stock's price, this range could be used by traders managing their positions.
Tweezer tops are exactly the opposite of tweezer bottoms, as they define a resistance point for Boyd Gaming that needs to be digested prior for the stock to move to a higher level.
Tweezer tops can be formed at the end of an uptrend, at a clear horizontal resistance point, or within a downtrend when price action is dealing with the declining resistance trend. Like any other candlestick pattern, it needs confirmation by trading below the previous day low. Below there is an example of the Tweezer Top reversal pattern:
- Boyd Gaming Completes Sale Of Dania Jai-Alai
- InvestorsObserver releases comments on Priceline.com, AOL, Sysco, AngloGold Ashanti, and Boyd Gaming
- Boyd Gaming Announces Redemption, In Full, Of All Outstanding 6.75% Senior Subordinated Notes Due 2014
- Boyd Gaming Commences Exchange Offer For 9% Senior Notes Due 2020
- Boyd Gaming Reports First-Quarter Results
- Boyd Gaming To Report First-Quarter Results, Host Conference Call And Webcast On April 24
- Boyd Gaming Announces Redemption of $150,000,000 Principal Amount of Outstanding 6.75% Senior Subordinated Notes due 2014
- Boyd Gaming To Report Fourth-Quarter, Full-Year Results; Host Conference Call And Webcast On March 4
- Boyd Gaming Completes Sale of Echelon Site
- Boyd Gaming Announces Agreement To Sell Dania Jai-Alai
Related Partner Headlines
- 3 Big Sectors May Face Post-Sandy Downgrades: Moody's - TheStreet.com
- UPDATE: Sterne Agee Reiterates Neutral Rating, Lowers PT on Boyd Gaming - Benzinga
- Will Casino Stocks Crap Out in 2013? - TheStreet.com
- Boyd Gaming Announces Offering Of $300 Million Of Senior Notes Due 2020 - Benzinga
- Boyd Gaming Rolls the Dice on Casino Deal - TheStreet.com
- Short-Squeeze Could Be Triggered in Boyd Gaming After Peninsula Acquisition Announcement - Benzinga
- Boyd Gaming To Acquire Peninsula Gaming For $1.45B - Benzinga
- Boyd Gaming Stock Falls On Unusually High Volume (BYD) - TheStreet.com
- Special Feature: What Happens in Vegas... - TheStreet.com
- Boyd Gaming Corporation (BYD): Today's Featured Leisure Loser - TheStreet.com
Latest Partner Headlines
Dow Today: Verizon Communications (VZ) Higher - TheStreet.com
Separating the Bargains From the Busts - TheStreet.com
Cramer Quick Take: The 60-Inch TV Will Be Key This Holiday - TheStreet.com
Cramer Quick Take: Cisco Wins If Fiscal Cliff Is Resolved - TheStreet.com
Gap Up and Sit - TheStreet.com
Apple, Intel, MicroStrategy: Tech Winners & Losers - TheStreet.com
Windows 8 PC Sales Disappointing: Report - TheStreet.com
Cramer Quick Take: Buy Home Depot and Lowe's - TheStreet.com
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:15,262.40 Trade time:12:25PM EDT Value change:▼32.10 (-0.21%)
S&P 500Company ID [INDEXSP:.INX] Last trade:1,644.69 Trade time:12:25PM EDT Value change:▼5.82 (-0.35%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:3,448.64 Trade time:12:25PM EDT Value change:▼10.78 (-0.31%)
In The Wires
Royal Dutch Shell plc: Buyback of Own Shares
VOXX International Corporation To Participate In The 10th Annual Craig-Hallum Institutional Investor Conference
Aquasition Corp. Receives Nasdaq Deficiency Notice
Bunge Announces Annual Meeting Results
Cushing® Renaissance Fund Announces Quarterly Distribution
JCP&L Completes Numerous Projects Prior to Summer Season to Enhance Customer Service Reliability
Dr. Edward W. Knowlton Resigns as a Director of Solta Medical, Inc.
Cushing® MLP Total Return Fund Announces Quarterly Distribution