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

By Nick Russo

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 $37.62 and $38.26 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 has overhead space with shares priced $37.72, or 1.3% below the average consensus analyst price target of $38.23. The stock should find initial support at its 50-day moving average (MA) of $35.84 and further support at its 200-day MA of $33.32.

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 are now at $37.72, which is 57% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

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 inside day candle Take-Two Interactive Software

Ticker(s): TTWO