ATVI saw price continue its Uptrend on Sept. ’19 when it broke above 50.00. Price moved to all-time highs of 104.17 by Feb.’21. On July ’21, a Distribution stage was confirmed when price broke down from sideways range of 87.75 - 98. Shortly after the breakdown, we had a death cross between the 50 and 200 ema signaling the bearish conditions. Price entered a downtrend and fell as low as 56.66. From there, price pulled back to previous support area of 87.75. It failed to make higher high or break thru back into support. Previous support has now been turned into resistance. From the bounce off resistance, price move sideways between 79-81. It has since broken down from this range and has pulled back and bounced support turned resistance level of 79.
Price is in an existing Downtrend. We have a death cross. Failure to make high highs Broke down from range. Price is very weak. This is my cue to enter trade short.
Entering trade short
Entry: 76.95 Stoploss: 80.51 Target: 57.25, +25.6%, 5.53 RR ratio
this is all true if there was no msft acquisition arbitrage... your stoploss is rather more probable than takeprofit...
rudcharts
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@mike_volk MSFT acquisition has not changed the chart. Im trading chart, not the news. MSFTs stock is down from 340 to 240 and we're in a bear market. That news wont save ATVIs stock. Everything going down