TTWO - Where is it heading?

01.03.2022

TTWO Weekly Chart

When we analyze the TTWO weekly chart, we can observe that TTWO is in a long term bullish trend. Price made a triangle pattern formation in the weekly chart and achieved its target and after that now price is in a mid term bearish trend. Mid term bearish trend is towards the long term bullish trend line and we can expect a retesting of that line.

Considering the previous mid term swing formation, we can apply Fibonacci levels. There we can see that the 61.8% Fibonacci support act as a great support for the price and that indicated by the strong rejections happened around 142 level. So we expect the area between 142 – 155 Fibonacci levels is a great area for mid term bearish trend to reverse.

TTWO Daily Chart

Considering the daily chart, we can see the current mid term bearish pattern formed a rectangular pattern which is a bullish pattern. Based on the pattern, we can get the 210 level as the pattern breakout target. Breakout of the pattern will confirm after price crossing above the resistance zone at 178 – 182 area.

Since we can observe many market gaps inside the pattern formation, we can expect the price to continue it’s consolidation movement for a short time before initiation of the next mid term bullish trend.

Also considering the key areas of the daily chart, we can see current price is taking support on the 157 – 160 support area.

Conclusion

In conclusion, TTWO is long term bullish and we expect the mid term bearish trend to reverse around 142 – 147 major support zone. It’s good to buy around 157 – 160 current support as well as 142 – 147 major support, where we expect some strong rejections as before.

Breaking upward 178 – 182 resistance area will confirm the pattern breakout and that will drive the price towards the pattern breakout target at 210 level in a mid term bullish trend.

Long term bullish trend is Valid as long as price stays above 127 – 130 next major support area.

You can read more about technical analysis and indicators here:

https://www.art-invest.net/post/technical-analysis-of-stocks-part-2

Hope this was useful for you! Please note that the above content is not an investment advise and shall be considered only for informative purpose.

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