ATVI still chopping around in this cup and handle that may or may not ever play out. Double top, most evident on the weekly/daily charts. Look at the RSI on the right side (Daily) chart and check it against price. It put in a lower high on a double top. This is a red-flag for me, my line in the sand is the magenta line. If we break below that, I can only assume we'll revisit the cyan line.
I'm not bearish yet, just want to make these observations clear.
For bulls hoping for this cup and handle to play out, it very well may. But load smart and set parameters for stopping. My stop would be $51.41. I also see tons of people loading in the red shaded area... please time your entries better. You're buying just below pretty major resistance. Better to be patient and wait for a solid break of that $57.52 level or wait for price to revisit $52 area.
Not a lot to say other than that, we're chopping. We all see the cup and handle. Play safe.
Feel free to ask questions below.
I'm not bearish yet, just want to make these observations clear.
For bulls hoping for this cup and handle to play out, it very well may. But load smart and set parameters for stopping. My stop would be $51.41. I also see tons of people loading in the red shaded area... please time your entries better. You're buying just below pretty major resistance. Better to be patient and wait for a solid break of that $57.52 level or wait for price to revisit $52 area.
Not a lot to say other than that, we're chopping. We all see the cup and handle. Play safe.
Feel free to ask questions below.