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by Darius Anucauskas

Activision Blizzard Stock Seems To Be Loosing Ground

Up until yesterday, the Activision Blizzard stock (NASDAQ: ATVI) has been comfortably trading above its medium-term upside support line taken from the low of August 15th. Yesterday, the price broke below that upside line and closed below it. However, ATVI remained above its key support area, at the 57.40 hurdle, which is marked near the highs of September 12th and November 1st of 2019, and near the current lowest point of February. In order to aim lower, we need to see a daily close below the 57.40 zone first, hence why we will stay cautiously bearish for now.

A daily close below the 57.40 area would confirm a forthcoming lower low, which may open the door for further declines. That’s when we will aim for the 55.41 territory, marked by the highs of December 6th and 9th. Around there, the stock may get a hold-up, as it would also test the 200-day EMA, which could provide a bit of support. That said, if there is still no interest among new buyers in ATVI around that level, another slide might send the price to the 53.36 zone, marked by the lowest point of December 2019.

Looking at the oscillators on the daily chart, the RSI and the MACD, both still point lower. In addition to that the RSI is below 50 and the MACD, although slightly above zero, continues to run below its trigger line.

Alternatively, if the price gets pushed back above the aforementioned upside line and the 60.47 barrier, which is yesterday’s high, this could attract more buyers into the game. That’s when ATVI might drift to the 62.02 area, a break of which could set the stage for a re-visit of the highest point of February, at 64.53.

Activision Blizzard daily

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