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

By Amy Schwartz

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 $62.92 and $63.25 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.

Take-Two Interactive Software (NASDAQ:TTWO) defies analysts with a current price ($63.17) 5.1% above its average consensus price target of $59.94. Take-Two Interactive Software shares have support at the 50-day moving average (MA) of $35.84 and additional support at the 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.

In the past 52 weeks, shares of Take-Two Interactive Software have traded between a low of $24.01 and a high of $63.28 and are now at $63.17, which is 163% 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.

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 37.2%. 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