Electronic Arts Gets A Bump

Electronic Arts Gets A Bump

Analysts at BMO Capital Markets raised shares of Electronic Arts Inc (NASDAQ:) to ‘outperform’ today. The stock also has an upped price target ($168). EA is moving well on the news. At mid-day, the stock is the number 3 gainer (+2.5%) in the . This powerful move is driving the stock to new July highs.

EA has been moving sideways for most of 2021. This consolidation followed a 75% gain off the March lows. The stock remains range-bound but the odds of an upside breakout are now increasing.

Despite the minimal pullback from the 2021 peak EA is far from overbought. The daily MACD is near neutral.

The 200-day moving average held May lows. EA is working on its second straight higher monthly low since.

We consider EA a fairly low-risk buy at current levels. On the downside, a close back below $139.00 would violate the July lows, sending a clear warning sign of more sideways action ahead.

On the upside, a big challenge will be the $150-$151 area. Once cleared, EA will have room to run.

Note: We have no position.

You can read Gary S. Morrow’s original post here.

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