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Fan Yang

Electronic Arts (EA) in Bearish Continuation; Eyes $77-$80

Electronic Arts $EA continues to slide, and is signaling bearish continuation in the short-term, within the context of a medium-term consolidation/correction period. 

EA Daily Chart

(click to enlarge)

Bearish Breakout:
- When price broke below $100 and then another support pivot at $97, EA opened up further downside.
- In the last couple of weeks price was held under $100 and consolidated a bit. Then it closed last week with a bearish breakout into new lows on the year. 
- The hold under the $97-$100 area and the bearish breakout suggests downside to the next support area. 
Next Support:
- The weekly chart shows that price is also going south of the 200-week simple moving average (SMA), which reflects a market in bearish correction.
- There might be downside towards the $77-$80 area, a support/resistance pivot area .

EA Weekly Chart

(click to enlarge)

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