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Possible Bullish Inside Day Candle Pattern Detected for Activision Blizzard (NASDAQ:ATVI)

Published on Wed, 04/17/2013 - 08:07
By Adrienne Chilton

Analysts have spotted a possible bullish inside day candle pattern in Activision Blizzard (NASDAQ:ATVI) based on the price action in the company's shares. Yesterday's price range of $14.32 and $14.51 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Activision Blizzard may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Activision Blizzard has overhead space with shares priced $14.43, or 8.6% below the average consensus analyst price target of $15.80. The stock should discover initial support at its 50-day moving average (MA) of $14.21 and subsequent support at its 200-day MA of $12.16.

Activision Blizzard, Inc. publishes, develops, and distributes interactive entertainment software and peripheral products. The Company's products cover diverse game categories, including action/adventure, action sports, racing, role playing, simulation, first-person action, music-based gaming and strategy.

In the past 52 weeks, shares of Activision Blizzard have traded between a low of $10.45 and a high of $15.08 and closed yesterday at $14.43, which is 38% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.3%.

By Adrienne Chilton