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- 1 Activision stock price showed a gap-up opening and hit a 52-week high.
- 2 ATVI stock price is in an uptrend but it looks overstretched.
- 3 Activision Blizzard stock price sustains above the $90.00 support level.
Activision Blizzard Inc. (NASDAQ: ATVI) stock price showed a gap-up opening in the previous session. It hit a 52-week high and attempted to break out of the higher range consolidation.
Activision stock price seems to be in an uptrend and is forming a bullish continuation pattern. The stock price sustaining above the 50 day and 200 day EMAs confirms the uptrend and demonstrates the confidence of investors.
In the middle of July, the ATVI stock price broke past the $87.00 hurdle with a strong buying volume.
Later on, the prices sustained the higher level and began to consolidate near the supply zone. This indicates that the recent breakout is reliable and suggests that some big players might have injected the money.
In the last two months, the ATVI stock price consolidated in the range between $90.00 to $93.00. In the recent gap-up opening, buyers tried to break out of the higher range and expand upward.
However, prices did not give the follow-up and closed the session at $93.92 with an intraday rise of 1.70%. It will be interesting to see how prices react in the next few sessions which will decide the direction of the stock.
Activision – ATVI Stock Price is on a Bullish Track
ATVI stock price is in the bullish grip and is forming bullish patterns on multiple time frames. It performed well in the past few months and generated nominal returns for its long-term investors.
As long as the Activision stock price sustains above $87.00, buyers are expected to remain active.
Any short-term retracement toward $87.00 is likely to get absorbed by the buyers. If buyers succeed in sustaining the gap-up and are able to break past $94, then an upside may continue toward $100.
On the other hand, if ATVI stock drops below $87.00 then it may be an indication of a bearish trend reversal.
Activision Stock Price is Trading Near to the YTD highs
The Activision stock price is trading near the YTD highs. Buyers are trying their best to give the follow-up momentum to reach the $100.00 mark. However, ATVI share price looks overstretched and consequently, minor profit booking might also trigger from the higher levels.
The MACD curve reversing upward confirms the bullishness. The RSI at 75 is near the overbought territory so fresh long positions look risky.
Conclusion
The ATVI stock price made a gap-up opening near the 52-week high. It shows the strength of bulls and suggests that further upward momentum is possible.
The analysis suggests that ATVI stock is in an uptrend and the possibility of reaching $100 remains high.
Technical levels
- Resistance levels: $96.00 and $100.00
- Support levels: $90.00 and $87.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
