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Possible Bearish Inside Day Candle Pattern Detected for Activision Blizz (NASDAQ:ATVI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Activision Blizz (NASDAQ:ATVI) based on the price action in the company's shares. Today's price range of $51.17 and $52.55 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Activision Blizz may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Activision Blizz (NASDAQ:ATVI) has potential upside of 46.4% based on a current price of $51.44 and analysts' consensus price target of $75.30. The stock should run into initial resistance at its 50-day moving average (MA) of $67.96 and subsequent resistance at its 200-day MA of $71.49.

Activision Blizz share prices have moved between a 52-week high of $84.68 and a 52-week low of $46.83 and are now trading 10% above that low price at $51.44 per share. The 200-day and 50-day moving averages have moved 0.47% lower and 3.25% lower over the past week, respectively.

Activision Blizzard, Inc. publishes, develops, and distributes interactive entertainment software and peripheral products. The Company's products covers diverse game categories, including action/adventure, action sports, racing, role playing, simulation, first-person action, music-based gaming, and strategy.

SmarTrend is tracking the current trend status for Activision Blizz and will alert subscribers who have ATVI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle activision blizz

Ticker(s): ATVI