Throughout the past couple of months, slow Dark Pool Quiet Rotation™ was going on while the stock was in Buyback mode. Professional Traders used AXP Buybacks to set up good runs until the past 2 weeks. Now Buybacks stalled, and Retail Traders have taken over.
Unable to complete its bottom from last December’s low reversal to the upside. Retail Investors & Traders as well as plenty of Smaller Funds got duped by Corporate Buybacks. Weekly view shows a Flat Top Formation, one of the newer tops.
We had a break out through a strong Trend line then a perfect re-test of the bottom of the trend line now acting as resistance.
My only concern is the Daily RSI. Otherwise we are in a good position to Sell right now.
ATVI is building an intermediate-term bottom that is a solid base from which the stock can eventually move up as its fundamentals improve. This is a pattern all Retail Traders should notice, especially Position Traders and Intermediate-Term Traders.