ATVI - Activision Blizzard, video game behemoth, looks to be returning back to its bullish triangular pattern. It broke south out its lower support after its earnings news suprised negatively among other plans moving forward.
An article posted on optionMONSTER a couple days ago states of a massive position taken of long 40,000 May 12 calls and writing 20,000 May 10 puts, putting the investor in at at $0.125 per option. Although they are dropping their Guitar Hero line, their other game franchises such as Call of Duty and World of Warcraft draw enough business and leave potential for growth to keep Activision on top.
The bull has faltered but is now back on its feet, I say its a good time to ride. Price target around $15.40.
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