EA potential MA 50/200 crossover and start of bull trend
Updated
EA released its newest game Apex Legends on February the 4th. The market didn't really do anything special that day because the ER was coming the day after. The market reacted badly to the earnings and made the stock dump. The first day after the ER the market went as low as 78.00$ before it started its next uptrend.
From its February low it has made around a 39% increase.
From the beginning of the stocks last bullish cycle from July 2012 to the August top in 2018, the 50/200 MA has crossed 4 times in which it has made good gains before its recent 50% drop.
The price of 78$ when it bounced is also the 0.5 on the fib retracement scale of the bullish cycle.
EA has also bounced on the 2 lowest blue trend lines 3 times from its last low.
Note that the 78.00$ price acted as a previous top and resistance for EA back in 2015 before it became as support bouncing the first time on December 2016 and now recently in December 2018.
I think it can be a good trade to buy the breakout IF it breaks the current channel its in and if the 50/200 MA crosses.
From its February low it has made around a 39% increase.
From the beginning of the stocks last bullish cycle from July 2012 to the August top in 2018, the 50/200 MA has crossed 4 times in which it has made good gains before its recent 50% drop.
The price of 78$ when it bounced is also the 0.5 on the fib retracement scale of the bullish cycle.
EA has also bounced on the 2 lowest blue trend lines 3 times from its last low.
Note that the 78.00$ price acted as a previous top and resistance for EA back in 2015 before it became as support bouncing the first time on December 2016 and now recently in December 2018.
I think it can be a good trade to buy the breakout IF it breaks the current channel its in and if the 50/200 MA crosses.
Note
A closer look at the current patternNote
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