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Fan Yang

Electronic Arts (EA) Breaks into Record Highs

Electronic Arts $EA has been consolidating since it made a previous record high around $131.15. It is the "previous" all time high because price pushed through this resistance during the 5/9 session. 

EA Daily Chart

(click to enlarge)

Consolidation with Bullish Bias:
- The daily chart shows that price started to trade sideways after cracking $131 in February.
- During this consolidation, the market kept the bullish bias!
- Price held above the 200-day simple moving average (SMA) and the daily RSI held above 40. 
- These are signs that the momentum is still there.
Bullish Continuation:
- With price holding above $115, EA is holding onto the bullish bias, and popped up higher during the 5/9 session, breaking the previous ATH, and tagging $132 before retreating.
- Bulls are in full force here, and I would not be surprised to see $150 in 2018. 
- If there is a pullback, a bullish market should keep price above $124. A break below $124 therefore, would be a concerning sign if you are bullish.

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