Nearest Resistance: $18
Nearest Support: $16.50
Catalyst: Technical Setup/Call of Duty Sales
Despite lower-than-expected sales numbers for Call of Duty: Ghosts this week, video game maker Activision Blizzard (ATVI - Get Report) is enjoying some buoyancy in today's session. Shares are up close to 3% this afternoon, the result of investors' glass-half-full reaction to the Ghosts numbers, and a bullish technical setup in shares.
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Right now, ATVI is forming a rectangle pattern with resistance at $18 and support down at $16.50. The consolidation setup is showing upside bias right now, which means that a move through $18 looks like the most probable outcome for shares in December. When that happens, traders have a buy signal in this video game giant.