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

By David Diaz

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. Today's price range of $49.20 and $49.52 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 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.

Based on a current price of $49.35, Take-Two Interactive Software is currently 22.5% above its average consensus analyst 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.

Over the past year, Take-Two Interactive Software has traded in a range of $24.01 to $50.19 and is now at $49.35, 106% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

SmarTrend recommended that subscribers consider buying shares of Take-Two Interactive Software on October 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $45.60. Since that recommendation, shares of Take-Two Interactive Software have risen 8.7%. We continue to monitor TTWO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Take-Two Interactive Software

Ticker(s): TTWO