Updating Our Thoughts on Take-Two Interactive

 | Jul 13, 2017 | 8:42 AM EDT
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Take-Two Interactive (TTWO) was last covered by me just a week ago . I summed up my thoughts with, "TTWO could bounce in the near-term, but the recent pullback to the rising 50-day moving average line looks like isn't over just yet. More downside probes are anticipated. A close below $70 could precipitate a deeper decline to around $60 in the weeks ahead."

The marketplace with its infinite wisdom of price discovery decided to do its own thing and make a U-turn to the upside. Let's check our updated charts and indicators to see how we should play things now.

Looking at this daily bar chart of TTWO, above, we can see that some indicators improved and others did not. After dips towards the rising 50-day moving average line, TTWO moved away from the line in a positive direction. Volume, however, did not expand on the up-closes and the On-Balance-Volume (OBV) line remained pointed lower.

Bulls like to see volume increase as a stock rallies. The Moving Average Convergence Divergence (MACD) oscillator improved, with a crossover to the upside. With this indicator above the zero line, this signal is a fresh buy signal.

This weekly chart of TTWO, above, hasn't changed much in one week. TTWO is above the rising 40-week moving average line. The weekly OBV line shows a rise while the MACD oscillator avoided a bearish crossover.

In this updated Point and Figure chart, above, we can see the fresh high at $75.96 as a small breakout. A bullish potential price objective of $90 is projected on this chart.

Bottom line: If you are bullish on TTWO, you want to see two things on the charts. You want to see volume expand and you want a close above $81.

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