Boyd Gaming Corp. traded in a horizontal trading range between $5 (U.S.) and $9.50, followed by another range between $9 and $14.50 (dashed lines). The recent price action to $17.35 signalled renewed investor interest and the start of a new up-leg (A). Behaviour indicators including the rising 40-week moving average (40wMA) confirm the positive upside potential. The stock is currently overbought and therefore a better entry may occur toward $15 to $15.50, but only a sustained decline below $14 to $14.50 would be negative. Point & Figure measurements provide targets of $18 and $20. Higher targets are visible.
Monica Rizk is the senior technical analyst and Ron Meisels is the president of Phases & Cycles Inc. and he tweets at @Ronsbriefs. They may hold shares in companies profiled. Chart source: http://www.decisionplus.com/.