EmpowerTrader
Long

ATVI Testing Final Support Level, Look for Potential Reversal

NASDAQ:ATVI   ACTIVISION BLIZZARD INC
Price essentially fell of a cliff since October 18th. Where, 25% of its market cap was whipped out in less than two weeks, amid a global market sell-off. Yesterday, price tested final support level of the trend. A potential bullish reversal will largely depend on the recovery of the overall market. Nevertheless, keep a close eye on ATVI's earning on November 8th. Since, two major games, World of Warcraft: Battle for Azeroth & Call of Duty: Black Ops 4, will contribute to the earning. Thus, the earning could come in as a big surprise giving ATVI a catalyst it needs for a reversal.

Trade Step-ups:

Bullish Reversal: Price rejects a breakout from the current channel trend. Profit levels to look for are 75.00, 80.00 & 84.00

Bearish Breakout: Price breaks the current trend, look for consolidation below 60.00
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