Take-Two Pulls Back After Breaking Channel
Video-game maker
TTWO
traded in a very tight range since October. But now it's broken above that channel and is potentially finding support at its old resistance around $125.
TTWO, owner of titles like NBA2K, is a classic growth stock -- the same kind of company that's come back into favor recently as the Federal Reserve keeps interest rates super low. It's had a decent earnings history, with the stock advancing after the last three reports. The next set of numbers is due in early February, which could boost interest in the stock going forward.
The entire videogame group also stands to benefit from the growth of
GOOGL
Stadia cloud-based platform, and analysts have identified TTWO as a beneficiary of the new service.
TTWO also seems to be working its way out of a long-term cup-and-handle pattern following last year's dive toward $84. The recent high around $116 is potentially the higher low / handle part of that pattern.
Given the old resistance at $125, traders may want to use that level for risk management. Above it, buyers may look for a move back toward the hold highs near $140.
TTWO
traded in a very tight range since October. But now it's broken above that channel and is potentially finding support at its old resistance around $125. TTWO, owner of titles like NBA2K, is a classic growth stock -- the same kind of company that's come back into favor recently as the Federal Reserve keeps interest rates super low. It's had a decent earnings history, with the stock advancing after the last three reports. The next set of numbers is due in early February, which could boost interest in the stock going forward.
The entire videogame group also stands to benefit from the growth of
GOOGL
Stadia cloud-based platform, and analysts have identified TTWO as a beneficiary of the new service. TTWO also seems to be working its way out of a long-term cup-and-handle pattern following last year's dive toward $84. The recent high around $116 is potentially the higher low / handle part of that pattern.
Given the old resistance at $125, traders may want to use that level for risk management. Above it, buyers may look for a move back toward the hold highs near $140.
