In his Real Money column, " 2 Stocks That Are Not What They Seem", Jim Cramer takes a look at Take-Two Interactive Software Inc. (TTWO) , which he has followed "for ages" with "key franchises like Red Dead Redemption, NBA 2K and the greatest entertainment franchise of all time -- Grand Theft Auto."
We looked at TTWO earlier this month and wrote that "... the charts are bullish and an upside breakout should be coming soon. Trade TTWO from the long side risking below $125 for now." Prices did break out on the upside and surged sharply before reversing direction.
Let's check out the charts of Action Alerts PLUS holding TTWO again. 
In the daily Japanese candlestick chart of TTWO, below, we can see that there were long upper shadows on the bars for this past Thursday and Friday. Tuesday's candle bar was a long red (bearish) candle and the middle of this bar is likely to act as resistance.
The On-Balance-Volume (OBV) line shows recent weakness after a climb higher from late March and the Moving Average Convergence Divergence (MACD) oscillator has narrowed to a take profits sell signal.
In the weekly Japanese candlestick chart of TTWO, below, we can see a large bearish engulfing pattern. In my experience this is a pretty reliable top reversal pattern but we have not yet finished the week and we do not know if we will get confirmation. Prices are still above the rising 40-week moving average line.
The weekly OBV line only shows a small dip and the MACD oscillator is still bullish with only the beginning of some slight narrowing.
In this Point and Figure chart of TTWO, below, we can still see a potential upside price target in the $164 area. Prices have not declined enough to turn things lower. It looks like TTWO has some good support below here.
Bottom-line strategy: TTWO has made a reversal on the charts but all the price damage may have been done. Continue to hold previous longs with sell stops below $125 and let's see if this was a temporary shake out.
(Take-Two is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells TTWO? Learn more now.)
