Take-Two Interactive Software Inc (NASDAQ:TTWO) is the top gainer in the S&P 500 Index today. Shares are up more than 5% on very heavy trade following last night’s solid earnings report. This powerful move is driving the stock to new May highs as the rebound off the March/May lows stretches to 9.5%. The stock is now battling heavy resistance near its 200-day moving average.
We believe TTWO is setting up well for a fresh rally leg. At the March lows the stock had dropped 25% from its February peak. This steep pullback retraced roughly 50% or the rally off the March 2020 lows. A key hurdle in the near term is the 200D ($180).
Note: We have no position.
You can read Gary S. Morrow's original post here.