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Fan Yang

Electronic Arts (EA) At Key Support

Electronic Arts $EA has been consolidating since a bullish push at the turn of the year. The daily chart below shows that price found resistance around $130.85 and fell to about $114.80. Price has been in this range since.

EA Daily Chart

(click to enlarge)

Looking "Toppy":
- Price is testing the range support area.
- So far it has respected the 200-day simple moving average (SMA), which is a good sign for bulls.
- However, the fact that the previous bullish attempt was rejected at $125 is not a good sign for bulls.
- Indeed, it looks like unless price can push back above $125, it is going to break that 114.80 support and find the $110 area for a temporary support.
- A break above $125 would revive the prevailing uptrend and put the pressure back on the $130.85 area.

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