On March 7, we noted, “Weakness in Take-Two (TTWO) may be an opportunity. If you pull up a two-year chart, you can see TTWO has again caught strong support at its 200-day moving average. And it’s severely oversold on RSI, MACD, and Williams’ %R. When those technical indicators pull back this much, the stock typically bounces back. We also have to consider most of the negativity has been priced into TTWO after missing its outlook.”
At the time, TTWO traded at around $145. Today, after becoming oversold, it’s now up to $151.64 and could potentially refill its bearish gap around $170 shortly.
Helping, Newzoo says the global games market could grow to $189 billion this year.
As quoted on GamesIndustry.biz: Newzoo said the market generated an estimated $184 billion in 2023, a small 0.6% increase over 2022, which itself was down 5% year-on-year. The data firm added it was “optimistic’ for the PC and console segments, while mobile gaming is “likely to recover” after difficult conditions for the past couple of years.
