TTWO closes within previous day's range after lackluster session
Take-Two Interactive Software Inc. (TTWO) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
TTWO finished the week 6.01% higher at 140.51 after gaining $2.32 (1.68%) today, notably outperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Trading up to $1.02 lower after the open, Take-Two Interactive managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, TTWO gained 4.95% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TTWO as at May 22, 2020):
Friday's trading range has been $2.87 (2.06%), that's below the last trading month's daily average range of $4.33. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for TTWO.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 137.13 where further sell stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Take-Two Interactive. Out of 725 times, TTWO closed higher 52.69% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.48% with an average market move of 1.48%.