Electronic Arts NASDAQ: EA reported earnings after the bell on Tuesday.
The company reported adjusted EPS of $1.31, which beat consensus estimates of $0.97. Revenue came in at $1.21B, which also beat consensus estimates of $1.18B.
A number of analysts raised their price targets on the stock after the report. Electronic Arts (EA) stock price is currently trading lower today.
Given this background, let’s take a look at the weekly chart.
Electronic Arts (EA)
At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The weekly cycle analysis suggests that EA is in a rising phase and due to form an intermediate-term high. Weekly momentum is positive.
On the upside, there is a major resistance zone from 112.58 – 121.71. On the downside, there is an intermediate support zone from 107.07 – 102.94. For the bears to regain control of the intermediate-term, we would need to see a weekly close below 93.07.
askSlim Sum of the Evidence:
EA is in a rising phase with positive weekly momentum. The stock is testing a major resistance zone and the odds favor a pullback from this area. There is a likelihood the stock tests 107 by the end of June.
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