ATVI (Activision Blizzard Inc) offers an objective short entry following the recent breakdown below this bearish rising wedge pattern with a suggested stop on a daily close above 47.80 (or lower, if only targeting T1–T3).
ATVI was recently a short trade idea that had the stop briefly clipped by mere basis points but still appears to be a very attractive short trade opportunity with considerable downside potential in the coming months. T4 at 28.26 is the final target at this time with a suggested-beta adjustment of 1.0 (i.e.- a typical position size). It is also worth noting that there is minor support around the 42.65 level (best viewed on a 60-minute time frame). With the stock currently trading slightly above that level, one might opt to wait for a break and/or 60-minute close below 42.65 to initiate or add to a partial position taken here. With that being said, I feel confident enough that ATVI will go on to take out that level soon to add it as an Active Short Trade at this time.