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Bullish Moving Average Cross by Shuffle Master (SHFL)

Published on Tue, 04/23/2013 - 11:25
By Peter Chu

Shuffle Master (NASDAQ:SHFL) shares have crossed bullishly above their 10-day moving average of $15.17 on a volume of 590K shares. Swing traders may find an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

Shuffle Master, Inc. is a gaming supply company that provides products and services to the casino industry. The Company offers card shuffling systems and other table gaming equipment, table games, and video game software.

In the past 52 weeks, shares of Shuffle Master have traded between a low of $11.75 and a high of $18.37 and are now at $15.46, which is 32% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has remained constant.

Shuffle Master has overhead space with shares priced $15.46, or 12.7% below the average consensus analyst price target of $17.71. The stock should find resistance at its 50-day moving average (MA) of $15.87, as well as support at its 200-day MA of $14.87.

By Peter Chu