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Activision Blizzard’s stock is currently trading at 72.11-higher by 5.23% as compared to its previous close. In the Premarket trading session on Wednesday, the stock was trading higher by 8.51%. The stock has pared some of its gains after the opening bell.
The company reported its first-quarter earnings after the market close on Tuesday. The videogame maker generated an EPS of 76 cents for the first quarter. The EPS was above the market expectation of 38 cents. Activision Blizzard brought in $1.52 billion in revenue for the first quarter. The revenue was also above the consensus estimates of $1.32 billion.
Activision Blizzard also gave an upbeat 2020 outlook, as populations sheltering at home turned to its various titles for entertainment and social connection. The videogame maker sees full-year earnings of $2.22 per share on sales of $6.8 billion. Activision Blizzard also disclosed its staff had moved to work from home in mid-March. Stocks of the videogame maker have risen about 21% Year-to-date.
On the technical front, the RSI is currently at 67.92% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 52% and suggests that the market can move in the upward direction.
TRADE SUGGESTION- STOP BUY AT 72.40 TAKE PROFIT AT 73.80 STOP LOSS AT 71.70