Google and Apple what a nightmare for the conventional gaming stocks to hear that those 2 were entering into your market place. Both these companies have ready made customer lists already tied into their eco system through GMAIL, Youtube and IOS, it is very hard to see how they will not be disruptive in this sector.
- NASDAQ:TTWO broke above a falling wedge pattern in place since last summer
- Prices are trading above their 20-day and 50-day EMA
- MACD finally turned positive
- Huge opportunity with Google's new gaming streaming service, Stadia, which allows developers to create games on the cloud while bypassing the higher barriers of entry (consoles & graphic cards)
The prices of the firm are supported this week from the 144 weekly SMA. The oscillator RSI is in the iper sell zone.
I took a position long til around the level of 110.
SL and TP are indicated on the chart
TTWO seems to have made 5 waves down (4th was the pennant). Now we have touched a support on the daily level, 86 dollars. The earnings were good, yet there came a drop and there hasn't been a retrace. Analysist are giving TTWO a strong buy, as there hasn't been a retrace yet and there hasn't been bad news. TP around 110 dollars.
It was very clear that its bearish pennant. But just based on this, I cant gamble the ER. But thats a tell !
Check how that pennant lower trend line was hit in the early morning bounce and then turned back lower
NASDAQ:MYLSell short below yesterday's low
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Please note that this information is not a recommendation to buy or sell. It is to be used for educational purposes only.
$TTWO broke its upward trendline from it's August 1, 2012 lows. Gaming as a whole will be in decline for awhile due to their lack of creativity and being out of touch with their customer base.
The purple zone is where I expect TTWO to gap fill down. Depending on the fundamentals, I will buy $TTWO in the green zones.
Feedback is always welcome.