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January 2 Chart of the Day - Boyd Gaming

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Boyd Gaming Corporation (BYD) is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's son, Bill Boyd, who currently serves as the company's executive chairman after retiring as CEO in January 2008.

Boyd has been in the headlines recently for its stock price run up, dividend announcement, and benefiting from a robust demand in sports betting.

Before today we've never taken a look at their chart.

Upon initial review a few observations immediately come into focus.

First, the historical price data goes back to the early 1990s which is something we consider a positive and specifically look for when creating price action technical analysis charts for stocks.  The more historical data means the more statistically relevant the technical analysis can be!

Next, this chart seems to have it all!  All meaning periods of:

  • Steep up trends
  • Steep down trends
  • Shallow retracements
  • Deep retracements
  • Consolidation
  • Break outs
  • Break downs
  • Failed break outs and break downs
  • All time lows
  • All time highs

In other words, a lot of movement which can be a trader's dream and an investor's nightmare...

One thing we can say with confidence is that in spite of all these types of movement, the moves have behaved in a technically correct manner for decades.

Don't confuse that with easy to decipher or all the same. But once price seemingly gets into a rhythm or a pattern, it stays that way until it doesn't ie. the pattern / trend / behavior breaks, stops, or changes.

So it's up to chartists to use price action tools native to every charting platform out there to identify potential levels of interest in both directions.

And for Boyd, we have done that on the monthly as well as the weekly charts below.  

On the longer term monthly chart we can see all the volatile movements during the past three decades.  Experience has taught us that identifying support/resistance levels on a monthly chart should be the first thing to do because price tends to have a "good memory" as they say.

On the weekly chart, we're able to use each of the 5 Price Action tools that we teach to help answer the question "where could price be going."

From here, traders and investors can develop their own personal plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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