avatarFernando Lopes

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d old Dreamcast but from what I hear from the kids these days, Fortnite is part of the daily conversation and a daily routine for millions of players.</p><p id="6810">Game makers will need to step up their game and embrace the fact that Fortnite is not going anywhere anytime soon. It is not time to fight the trend but rather understand what is really driving players into the Fortnite world.</p><p id="18f3">Let’s cut the chase and get into the actual trade…</p><h2 id="6140">Here is my play!</h2><p id="8a56">So after the sell-off, I dived into the technical chart. So yesterday pre-market, I noticed it bounced hard on the 75 level. Since I cannot trade pre-market I waited for the market open to get in. The first half hour told me there was an uptrend developing with price crossing the EMA line so I went long on it.</p><p id="e091">Entry: 78.84</p><p id="a005">The uptrend continued with lower highs. High of the day was around 81.50 and I remained confident in my long position.</p><p id="7c86">The second day, the priced popped and closed at 84.10. However, I locked in profits during the day around the double top at 85.50.</p><p id="3887">Exit: 85.02</p><blockquote id="5ff6"><p>This was over a 7% gain which I am very happy with :)</p></blockquote><p id="5de9">I will keep an eye on it for the next days simply because it has a gap to fill and I believe it is a great entry point for any long positions. I might be wrong but I consider there is still further upside both on the short term and long term.</p><p id="3b46">I am not long EA at the moment, simply because I see other baskets for my money. On the current volatile market, I prefer to keep buying good and cheap dividend stocks.</p><h2 id="cfbd">If you like my content, please check my other stories:</h2><div id="c544" class="link-block"> <a href="https://readmedium.com/this-cannabis-stock-made-me-418-in-15-days-heres-how-7f38e087dcf1"> <div>

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How I Made a Quick 7% Profit on EA Stock!

Photo by JESHOOTS.COM on Unsplash

Hey readers! Today was a great day!

If you had the chance to read one of my other stories, you know I mainly focus on saving & investing topics. Today is more on speculation than anything else.

Today was a red day in the markets but still I made some money…

The Nasdaq was down 1.18% as most of the tech stocks were in the red. The S&P500 also fell 0.94% or 25.56 points. Luckily by keeping an eye on the markets, I was able to spot a good opportunity buy of a recovery in EA stock.

Electronic Games sold off on Wednesday, plunging more than 13% due to somehow disappointing earnings and growing concerns of the Fortnite mania for the video game industry. The Christmas season is usually a good season for the game stocks but this time it was the other way around!

Was the sell-off exaggerated?

For me yes. I can admit that missing sales on holiday season is never a good sign for a gaming stock. Lower guidance for 2019 also did not help the overall picture and it brought the stock down massively.

On top of that, the fact that executives of EA pinpointed that the lack of the Fortnite mode in its new batch of games such as Battlefield V was a mistake and quite a big one.

The trend is your friend…

The same principle would apply here. Fortnite has indeed become a phenomenon. I am not much of a gamer at all since I was 16 with the good old Dreamcast but from what I hear from the kids these days, Fortnite is part of the daily conversation and a daily routine for millions of players.

Game makers will need to step up their game and embrace the fact that Fortnite is not going anywhere anytime soon. It is not time to fight the trend but rather understand what is really driving players into the Fortnite world.

Let’s cut the chase and get into the actual trade…

Here is my play!

So after the sell-off, I dived into the technical chart. So yesterday pre-market, I noticed it bounced hard on the $75 level. Since I cannot trade pre-market I waited for the market open to get in. The first half hour told me there was an uptrend developing with price crossing the EMA line so I went long on it.

Entry: $78.84

The uptrend continued with lower highs. High of the day was around $81.50 and I remained confident in my long position.

The second day, the priced popped and closed at $84.10. However, I locked in profits during the day around the double top at $85.50.

Exit: $85.02

This was over a 7% gain which I am very happy with :)

I will keep an eye on it for the next days simply because it has a gap to fill and I believe it is a great entry point for any long positions. I might be wrong but I consider there is still further upside both on the short term and long term.

I am not long EA at the moment, simply because I see other baskets for my money. On the current volatile market, I prefer to keep buying good and cheap dividend stocks.

If you like my content, please check my other stories:

Disclaimer: I am not a financial advisor. Always do your own research when investing in stocks.

Stock Market
Investing
Money
Trading
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