Activision Blizzard $ATVI has been sliding sharply after it cracked $84 a share back in September. The retreat has been fast, and it is just hovering above $50 by the end of last week. The weekly char below shows the persistence of the recent retracement.ATVI Weekly Chart(click to enlarge)Key Support:- The price action on the weekly chart looks like a falling knife. - The strong volume suggests capitulation, but this could take a while.- As price approaches the $50 area, it is going to test a rising trendline and the 200-week simple moving average (SMA). - Furthermore, the 2016-high and resistance around $45 could act as a support if ATVI is still bullish in the long-term - I believe ATVI to still be bullish long-term.- Also note that the RSI is below 30 now, which reflects oversold condition. A bullish divergence between the RSI and price action would increase my confidence that there will be support in the $45-$50 area. Upside:- At the moment, we should limit the upside in ATVI, until risk appetite improves in the equities market. - If the market continues to be tentative and start looking more towards safe-haven, ATVI could remain flat-bearish.- In this scenario, there are three targets/resistance levels at $60, $64 and then $68. - Let's see how the market reacts in this $45-$50 area. If it does stall here, we should anticipate a push at least back towards $60 by the end of the year or around the turn of the year.