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Take-Two stock trades lower after Grand Theft Auto VI leak

Take-Two stock trades lower after Grand Theft Auto VI leak

Take-Two Interactive Classes (TTWO) It is now down less than 1% on Monday, after some disappointing news for its developers.

Theatrical footage from the upcoming Grand Theft Auto VI movie has been leaked.

On the plus side, the stock is back. At their lowest, stocks fell 2.5% shortly after the opening. Inventory at Premarket decreased by as much as 6.5%.

However, the race for video game stocks this year has not been easy.

Shares of Take-Two Interactive are down 19% over the past 12 months and 31% this year. electronic arts (EA) It’s been better – it’s down 7.9% so far in 2022 – but it’s down more than 8% in the last month.

Even Activision Blizzard (ATVI) He was under pressure. It comes like Microsoft (MSFT) The game maker’s pending takeover hits some regulatory hurdles.

Sure, video game stocks have been struggling lately. Let’s focus on a key member of the group.

Take-Two stock traded after GTA IV leak

The Take-Two stock chart has been cut and dried up: the stock is limited in the range between the support at $118 to $120 and resistance near $133.

In this range, stocks continue to contract around the 10-day, 21-day and 50-day moving averages. Take-Two has had no real direction since its sharp bounce off the $102 area.

The stock fell in May, hit a three-day low of $100, and then soared higher on earnings. Amid this post-earnings rally, Take-Two shares managed to reclaim the $118 to $120 area, which has become a strong support.

This morning’s drop filled the gap earlier this month at $120.62. With a bounce, there is not much for traders to do until it breaks the range.

In other words, buyers are more likely to intervene in the $118 to $120 range and sellers are more likely to intervene in the $132 to $135 range.

If it gives support and Take-Two stock trades lower, look for the gap-filling level at $112.25 as one possible destination. Below opens the door back to $102.

If resistance breaks out, look first for a test of the August high near $137.50. Above opens the door to the $142 to $144 region, which contains the 200-day and 200-week moving averages, as well as the weekly VWAP metric.

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