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Take-Two Interactive Software (NASDAQ:TTWO) has been moving higher since the beginning of 2013. There have been periods of consolidation along the way, which have proven to be good entry points. One such point happened last week. On May 18 the company reported earnings after the close. The next day the stock opened down over 10%. But it climbed all day ending up over 4% on the day. The chart below shows the long green candle.
Notice that the candle touched below the 200-day SMA. If you follow the 200-day back, you see a couple of touches and very little time spent under that level. Each touch has been a buying opportunity. So if this was the sign to enter why am I talking about it today? Because there are many ways to trade. A second method is to trade a break above resistance.
That break is happening right now. The upper end of the main part of the chart shows price breaking resistance. This gives a natural stop loss to trade against -- the breakout level. So if you missed the 200-day SMA this time, consider the breakout trade. Momentum remains strong and bullish with the RSI and MACD both rising. If the breakout fails, stop the trade for a small loss and put in a bid to buy at the 200-day SMA.
Which stock should you buy in your very next trade?
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