ATVI - A simple take on current price action
Hi guys. This is my techical analysis on what i see on Activision. Its a personal favorite, as im a heavy gamer of COD, diablo and more. But just a reminder this is not financial advise, i am not a financial advisor. Everything portrayed here is my opinion.
FYI - i tried to fit an example of MACD that i feel this current action is more closely related to so sorry ahead of time if you cant zoom in on current price action but check out the charts yourself!
WE are looking at the Weekly timeframe
So lets look first at price action:
As you can see, we broke out of this major resistance trend line from the all time highs of Feb 2021 last week.
However, we have yet to confirm whether we stay above or below. We need to pay attention to this weeks close.
Currently, if we were to close here it would be a dragonfly doji candle, which wouldnt be a strong confirmation in my opinion. Since we've been going sideways for a bunch of weeks now. Dragonflies are better to trade when we've been in a clear downtrend. If it prints this, i would wait to see the close of next week for a firm confirmation.
I would like to see a hammer candle. or something with a bigger body which would be confirmation for me to enter a trade.
But the large lower wick is a good sign that there is tremendous buy pressure from this red trend line acting as support.
So with this confirmation, this would mean a trend change from our 2 year down trend.
ALso always be unbiased. If it fails to stay above the Red trend line, look to the horizontal line and or the upsloping trendline thats been support since Feb 2019.
Stop loss would go 5-10% below Red trend line.
NOw the indcators i got. (top to bottom)
1. Stoch RSI
2.MACD
3. RSI
The STOCH RSI - has crossed bullish which favors momentum to the upside
The MACD is also crossed bullish and is slowly moving up over the 0 line. If it confirms above the 0 line, momentum can pick up tremendously. If you look at previous data it leads to massive runs to the upside and when we stay above the 0 line
The RSI is something im watching also. Especially its interaction with the 2 trend lines i drew. We want to get above the trendliens for added bullish momentum or increased buying demand. This would confirm a major trend change along with keeping the red trendline in price action as support.
Well thats what i see. Lets watch and see whats up! This is a trade i will be taking personally.
Let me know what yall are thinking. I would like another perspective! Like, comment and follow! Check out my other charts and i linked my EA analysis down below.
DIsclaimer: This is not fianncial advice and i am not a fiancial advisor. This is just my opinions and for educational purpose as i am a student of the charts!
FYI - i tried to fit an example of MACD that i feel this current action is more closely related to so sorry ahead of time if you cant zoom in on current price action but check out the charts yourself!
WE are looking at the Weekly timeframe
So lets look first at price action:
As you can see, we broke out of this major resistance trend line from the all time highs of Feb 2021 last week.
However, we have yet to confirm whether we stay above or below. We need to pay attention to this weeks close.
Currently, if we were to close here it would be a dragonfly doji candle, which wouldnt be a strong confirmation in my opinion. Since we've been going sideways for a bunch of weeks now. Dragonflies are better to trade when we've been in a clear downtrend. If it prints this, i would wait to see the close of next week for a firm confirmation.
I would like to see a hammer candle. or something with a bigger body which would be confirmation for me to enter a trade.
But the large lower wick is a good sign that there is tremendous buy pressure from this red trend line acting as support.
So with this confirmation, this would mean a trend change from our 2 year down trend.
ALso always be unbiased. If it fails to stay above the Red trend line, look to the horizontal line and or the upsloping trendline thats been support since Feb 2019.
Stop loss would go 5-10% below Red trend line.
NOw the indcators i got. (top to bottom)
1. Stoch RSI
2.MACD
3. RSI
The STOCH RSI - has crossed bullish which favors momentum to the upside
The MACD is also crossed bullish and is slowly moving up over the 0 line. If it confirms above the 0 line, momentum can pick up tremendously. If you look at previous data it leads to massive runs to the upside and when we stay above the 0 line
The RSI is something im watching also. Especially its interaction with the 2 trend lines i drew. We want to get above the trendliens for added bullish momentum or increased buying demand. This would confirm a major trend change along with keeping the red trendline in price action as support.
Well thats what i see. Lets watch and see whats up! This is a trade i will be taking personally.
Let me know what yall are thinking. I would like another perspective! Like, comment and follow! Check out my other charts and i linked my EA analysis down below.
DIsclaimer: This is not fianncial advice and i am not a fiancial advisor. This is just my opinions and for educational purpose as i am a student of the charts!
