The video gaming industry seems to be generating above-average performance. One of those companies benefiting from the fact people are forced to stay at home because of the pandemic is Activision Blizzard. The company reported fourth-quarter 2020 non-GAAP earnings of 76 cents per share, up 22.6% year over year. Consolidated revenues rose 21.5% year over year to $2.41 billion.
The technical picture for this stock is bullish. On December 11th, the stock broke above its' previous high weekly close of 83.19 made on 28th September 2018. The current price is 101.19 and is sitting right on the weekly upper Bollinger Band. The next upside Fibonacci projection targets based on the 41.50 - 83.19 range are 104.03 (50%), 108.95 (61.8%), 115.04 (76.4%) and 124.88 (100%). The current price is 19% above the rising 40 week moving average, currently at 81.86. Long positions should be protected with a stop loss order at $80.
The Elasticity Toolkit for Metastock was created to obtain maximum gains in both sideways and trending markets with minimum risk. Developed by Timothy Straiton, the system performs with incredible results in almost all equity markets with a daily periodicity. The Elasticity trading system focuses on short-term market fluctuations and takes advantage of deviation or "elasticity" from the mean price. Imagine the action of a rubber band being stretched and at the moment where the expansion loses momentum, a contraction takes place, forcing movement in the opposite direction. The Elasticity trading system signals a trade at the moment the deviation from the mean loses momentum.