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Boyd Gaming Corp.

08/05/13 03:38:01 PM
by Koos van der Merwe

Gaming is the name of the game, or is it?

Security:   BYD
Position:   Accumulate

Boyd Gaming Corp (BYD) is based in Las Vegas. It is a casino entertainment company, operating 22 gaming entertainment properties in eight states — Nevada, New Jersey, Illinois, Indiana, Iowa, Kansas, Louisiana, and Mississippi. Their largest presence is in Las Vegas, where guests can enjoy three distinctly different gaming experiences: the Fremont Hotel and Casino, the Main Street Station Casino, Brewery and Hotel, and the California Hotel and Casino.

Figure 1. Weekly chart of Boyd Gaming Corp
Graphic provided by: AdvancedGET.
 
The monthly chart in Figure 1 shows how the price moved from a low of $3.03 in October 1998 to a high of $59.50 by April 2005. The share price then collapsed to $3.03 by February 2009. Since then it has been trading in the range of $5.97 to $14.94. The chart shows that the share price is testing the resistance line at $14.94. A Fibonacci retracement suggests that should the price break above $14.94, its first target is $24.50, the 38.2% retracement level. Note that the RSI is trending upward suggesting strength.

Figure 2. Daily chart of Boyd Gaming Corp.
Graphic provided by: AdvancedGET.
 
The daily chart in Figure 2 shows how the price rose from $4.77 on November 14, 2012, to a high of $14.57 by May 14 2013. From that level, the price dropped to test the resistance line at $10.16 by June 24, 2013, on a JM Internal Band sell signal. The JM Internal Band is a 15 period moving average offset by 2% positive and 2% negative. At the moment, the price has given a JM Internal Band buy signal, and with the RSI trending upward, a retest of the high, $14.57 of May 14 is possible.

I would not be a buyer of BYD at the present level. The rapid rise over the last two days makes me expect a small correction. Once that occurs, I would consider buying the share.



Koos van der Merwe

Has been a technical analyst since 1969, and has worked as a futures and options trader with First Financial Futures in Johannesburg, South Africa.

Address: 3256 West 24th Ave
Vancouver, BC
Phone # for sales: 6042634214
E-mail address: petroosp@gmail.com

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