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Interesting across time frames


Today, let's look at what is called "time frame continuity". It basically means that we want to see the price moving in the same direction across various time frames. The most common times frames are monthly, weekly and daily. Let's start with the longer term and then move towards the shorter ones.

Here's the monthly chart of International Game Technology ($IGT). The old resistance (red arrow) has now become support (blue arrows) on multiple occasion. Right now, being one of them. Ideally the price bounces off this area.

On the weekly chart, we see that although the price made lower lows, the RSI made higher lows (blue trendlines) which is know as bullish divergence, and could mark a bottoming process.

On the daily chart, the price is crossing above its 200 Moving Average (in red). Under the concept of trend following, it means that the price is reversing from a downtrend into an uptrend.

All in all, it looks like $IGT is at an interesting level and with a 5.5% dividend yield... it could really be something... I'm adding a stop loss in case it's nothing...

#IGT #Monthly #Weekly #Daily #trendfollowing

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