Take Two just formed a bearish engulging pattern with the highs of that pattern very close to the declining resistance line.
Right now may be a good time to open a partial position but I would wait for confirmation with a close below 17.50. Use the resistance lines as price targets.
A lot of info was gathered from the weekly charts on this one.
1. The mountain top highs throughout all of 2011.
There were a lot of them and they were pretty close to each other. I used the last one because it seemed to hold up in multiple areas as both resistance and support.
2. The more recent but still long-term upward trending support line.
Nice and...
The e3 conference had me focused on a basket of names, one of which, guess... $TTWO. An IBD50 name with tremendous promise. Can it wick back up? LIVE coverage on Google+ Hangouts. Look for admin announcements. Sincerely, Beauty
