Activision Blizzard Stock (ATVI) recovered from the demand zone of $73, showing buyers’ accumulation, and rebounded, last month. Moreover, the stock showed the formation of a rising channel during the ongoing pullback. In the previous months, the earnings result of Q1 2023 led to a gap-down move on the charts. Although the numbers were per the estimates, the stock was staying on the top, and sellers were aggressively making short positions.
The price action shows that ATVI stock led a recovery and attempted to retest $85 again. Furthermore, the chart structure suggested a trend reversal from the bottom of $72. However, the stock traded above the significant moving averages and retested the 20-day EMA. The price retracted from $85 and paused near 61.8%. Fib level showed the higher highs and higher lows sequence in the previous sessions.
Activision Blizzard, Inc. engages in the development and publication of entertainment content and services. It operates through the following segments: Activision Publishing Inc., Blizzard Entertainment Inc., and King Digital Entertainment. The Activision Publishing Inc. segment delivers content through premium and free-to-play offerings and by licensing software to third-party or related-party companies that distribute Activision products.
The Blizzard Entertainment segment delivers content through premium and free-to-play offerings and by licensing software to third-party or related-party companies that distribute Blizzard products. The company was founded in 1979 and is headquartered in Santa Monica, CA.
ATVI stock was traded at $82.43 at press time with an intraday drop of 0.33% showing mild profit booking in the previous session due to the selling spree in the market. The intraday trading volume was below the average level at 4.819 Million. The market cap of ATVI stock is $64.803 Billion.
Will ATVI Stock Surpass $85?
On the daily charts, ATVI stock price is trading in the buying zone, and bulls are showing their presence in the recent pullback from the lows. ATVI stock needs to bounce again from its 20-day EMA to make a new higher high above $85, which was the immediate hurdle.
As per the technical analysis, ATVI stock was traded inside the rising parallel channel and defended the trendline. Furthermore, per the Fib extension tool, the price faces a barrier of 61.8%, which existed at $83.
What Traditional Indicators Say?
On the 4 hours chart, ATVI stock showed a negative outlook because of the rejection near the supply region of $85.
The RSI curve is near 50 and showed a negative divergence on the charts, floating sellers’ attainability in the last trading session.
The MACD indicator persisted in forming red bars and showed a bearish crossover on the charts favoring the sellers.
Conclusion:
Activision Blizzard Stock (ATVI) price is riding the recovery and indicating the buyers’ willingness to retest the mark of $85 in the upcoming sessions.
Technical Levels:
Support Levels:$75
Resistance Levels:$85 and $90
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/08/activision-blizzard-stock-nasdaq-atvi-aiming-for-a-pullback/