TTWO Bullish Trade Setup (Leaps or Verticals)TTWO current consolidation pattern presenting some good opportunity to establish some Leaps expiring 2021. Current support level for wave (4) at 149.5 setting up for a medium term wave (5) rally that could last for months. Check Video Update for exact trade execution details
TTWO
TTWO (earnings play long call looking at new highs)NASDAQ:TTWO Take-Two Interactive Software, Inc. engages in the development, publishing, and marketing of interactive software games. Its products are designed for console systems, handheld gaming systems, and personal computers including smart phones and tablets; and are delivered through physical retail, digital download, online platforms, and cloud streaming services. It operates through the following geographical segments: United States, Europe, Asia Pacific, and Canada and Latin America.
GTA, RED DEAD REDEMPTION, 2K Are some of the popular games they have developed.
Look for a good entry point after some of this weeks news like china trade or Powell speaking should shake off some people hanging on.
MOKU cloud - Signaling bullish momentum and continuing to open up.
Stochastic RSI - Currently above 100ma looking to test the 50 below for a coil up into earnings and long.
GC MAGIC OVERLAY - Flipped to bullish momentum last week.
Resistance - Heavy resistance in their history shows $132 being their breaking point. Looking to retest this week and make a new high.
Expected move - 9.8%
Watch for the re-test for an entry point than play the run up and long into earnings call.
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Rising Wedge - Take-Two InteractiveThe chart pattern is showing a rising wedge.
While technical indicators are showing we are below two moving averages 20 and 200 (acting as resistance). MACD, RSI and DMI showing bulls are running out of buying power.
TD Sequential is about to give us a SELL signal with a "red 2", below "red1", below the "green 9".
If the stock market does continue to rise, I think we can bounce off the 50 moving average.
However, If the 50 days moving average doesn't hold, and support fails (around 114-116), there will be a lot more downside to come.
I will look to take profit if I am holding this stock.
$TTWO earning run up and shortThis play on $TTWO is a basic cup and handle long but as the Ninja scalper alerted we had trouble at the top thus exit the long and get short via puts for the earning.
When you add to the mix the iconic game franchise GTA has lost one half of the brothers behind the creation this does look like there will be a strong pullback.
Playing earning is risky and this is hedged by using profit from the long to open the short position with put options.
Implied volatility will get crushed so the hope is the move outpaces the crush and it is Friday this will occur quickly.
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TTWO Platform CompressionPlatform trendline patterns usually form on the upside trend due to Dark Pool Quiet Accumulation, as the giant Buy Side Institutions control their entry price. This Platform formed on the downside, but it is in a compression at this time to test the highs of the sideways action.
Nasdaq Internet Industry BreakdownThe Nasdaq Internet (QNET) chart has broken out of a descending triangle pattern back in mid-November. It may be pulling back slightly off the 100% Fibonacci Extension level but still worth checking this industry out for potential trade ideas. The following stocks are within this industry & seem like interesting trade candidates. I would have included links to the charts but the site seems to be having difficulty with allowing me to do that at the moment.
Facebook (FB) has broken out of a descending channel at the end of October. It successfully retested the previous resistance level & has hit the 100% Fibonacci Extension price target. We need to see the price continue going higher to activate that next price target. Otherwise, may need to wait for a pullback & catch the next bull wave.
Spotify (SPOT) gapped up after an earnings announcement on October 28th. It has since held this level, even bouncing off the 50 day EMA line & creating a symmetrical triangle. We have to wait and see which way this stock breaks but keep this one on the watchlist.
Take-Two Interactive (TTWO) seems to have a bull flag pattern & the price may be getting ready to breakout. Current stock price is above the majority of the VPVR volume as well so if it does break out it can get ready to run.
In connection to TTWO, Electronic Arts (EA) seems poised to break out of an ascending triangle pattern. This would take the price above the majority of the VPVR volume. Perhaps the video game companies are getting ready to send a signal as we all get ready for Christmas.
Cogent Communications Holdings (CCOI) bounced off a major support line in early October. Since then it is creating a bit of a bull flag pattern. Just keeping it on a watchlist for a potential breakout.
Tucows Inc. (TCX) creating a cup pattern as it tries to bottom off its most recent highs. Just waiting for breakout confirmation.
Cardlytics Inc. (CDLX) gapped up on November 11th after an earnings announcement. The price action has created a bull flag pattern. Just waiting for breakout confirmation.
Activision (ATVI) just like Take-Two & Electronic Arts has been in a bullish wave following a long consolidation phase. Since breaking out of an ascending triangle pattern the stock has consolidated. The first two price targets have hit. I am waiting to see if another bullish move can reach that third price target.
Yandex (YNDX) produced an island reversal pattern around October 21st. Since then, the price has continued to rise with a gap up on November 18th. Following the island reversal, there were three price targets based on the Fibonacci Extension tool. The gap up took us passed the first target, & the price is currently dancing with our second target. The stock may see consolidation or a pullback before further advancement but a stock worth keeping on a watchlist.
Everquote Inc. (EVER) developed a bullish wedge pattern & broke out from that pattern around October 28th. A positive earnings announcement shortly after caused a gap up in price. A strong re-test of this gap level has allowed continued bullish momentum. We have cleared the first price target & the stock maybe finding some resistance around the second price target. The stock may need a pullback or some consolidation before a continued bullish move.
Blucora Inc. (BCOR) has recently broken out of a bullish wedge pattern. It may still need to perform a re-test of this breakout but definitely worth keeping an eye on. Our initial price target is based on Fibonacci Extension but the second is from the VPVR data at a level that may provide resistance.
The Meet Group (MEET) saw a period of accumulation which preceded the breakout on October 3rd. The chart then showed a bullish wedge that broke out & re-tested. This has led to the current pattern which seems to be a symmetrical triangle. Just waiting to see which was this pattern breaks.
Long - Take-Two Interactive (TTWO)- 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)
- Target is set at an overlap level the 200-day EMA (20%) with a stop-loss at the low (8.25%)
TTWOTTWO 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.