Weakness could be an opportunity in Take-Two Interactive (TTWO).
After dropping to about $142 – where it became oversold on RSI, MACD, and William’ %R – it caught support, and is starting to pivot. From its last traded price of $152.17, we’d like to see it initially retest $160. After that, we’d like to see it refill its bearish gap around $170.
Helping, most of the recent negativity has been priced into the stock. Plus, as we get closer to the release of the much-anticipated Grand Theft Auto game, the stock could really take off.
Better, video game sales are on the run.
Circana analyst Mat Piscatella said that projected total market spending on video game hardware, content and accessories in the U.S. grew 15% in January compared to a year ago, reaching $5.1B, says TheFly.com. Plus, not long ago, Deutsche Bank raised its price target on Take-Two to $180 from $175, with a buy rating.
