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Possible Bearish Inside Day Candle Pattern Detected for Take-Two Interactive Software (NASDAQ:TTWO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Take-Two Interactive Software (NASDAQ:TTWO) based on the price action in the company's shares. Yesterday's price range of $37.62 and $38.31 is within the prior day'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 Take-Two Interactive Software may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Take-Two Interactive Software have traded between a low of $24.01 and a high of $38.52 and closed yesterday at $38.19, which is 59% above that low price. The 200-day and 50-day moving averages have moved 0.21% higher and 0.14% lower over the past week, respectively.

Potential upside of 0.1% exists for Take-Two Interactive Software, based on a current level of $38.19 and analysts' average consensus price target of $38.23. The stock should discover initial support at its 50-day moving average (MA) of $35.84 and subsequent support at its 200-day MA of $33.32.

Take-Two Interactive Software, Inc. develops, markets, distributes, and publishes interactive entertainment software games and accessories. The Company's products are for the personal computer, PlayStation game console, PlayStation 2 computer entertainment system, Xbox, Nintendo GameCube, and Nintendo Game Boy Advance. Take-Two operates offices worldwide.

SmarTrend is monitoring the recent change of momentum in Take-Two Interactive Software. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Take-Two Interactive Software in search of a potential trend change.

Keywords: bearish am inside day candle Take-Two Interactive Software

Ticker(s): TTWO