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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. Yesterday's price range of $59.91 and $60.21 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 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 has overhead space with shares priced $60.00, or 20.3% below the average consensus analyst price target of $75.30. The stock should find initial support at its 50-day moving average (MA) of $56.05 and further support at its 200-day MA of $50.55.

In the past 52 weeks, Activision Blizz share prices have been bracketed by a low of $39.85 and a high of $60.41 and closed yesterday at $60.00, 51% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

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 recommended that subscribers consider buying shares of Activision Blizz on December 11th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $56.46. Since that recommendation, shares of Activision Blizz have risen 6.9%. We continue to monitor ATVI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle activision blizz

Ticker(s): ATVI