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GameStop shares will likely remain in the spotlight on Monday ahead of the video game retailer’s eagerly anticipated earnings report on Tuesday and recent meme-based trading activity.
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The stock price formed a bullish engulfing pattern after a slight decline in above-average trading volume.
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Investors should monitor key general price areas on the GameStop chart around $31 and $40.50, while also monitoring important support levels near $23 and $19.50.
GameStop (GME) Shares will likely remain in the spotlight on Monday ahead of the video game retailer’s eagerly anticipated earnings report after the bell on Tuesday, especially after a post from a social media influencer.roared kitty“Keith Gill it It sent the stock soaring last week.
On Friday, investment firm Wedbush reiterated its assertion:Poor performance“Rating and $10 price target on GameStop stock, noting… Bricks and mortar The company’s planned return to growth faces insurmountable obstacles amid the shift to digital commerce and game streaming.
Shares in GameStop were up more than 65% year-to-date through Friday’s close, with most of those gains coming in May and June after Gill posted multiple times about the retailer for the first time since the pandemic era. Mad trading meme It acquired the stock in late 2020 and early 2021.
Below, we break it down Technologies on the GameStop chart and identified several important price levels to watch amid the video game seller’s looming quarterly results.
Since leaving A Descending triangle After forming in late October, GameStop shares have continued an upward trend.
Recently, the price formed a Bullish engulfing pattern Following a minor withdrawal above average-Trading volume Ahead of the retailer’s quarterly report.
the Relative Strength Index (RSI) Confirms positive price batch With a reading above 60, but remains below Overbought area, giving the stock plenty of room to rise further.
Let’s identify several key general areas on the GameStop chart to watch and also point out some important points Support levels Which may play a role during corrections.
The initial move higher could cause the stock to test a major load resistance Around $31, a level where they may face selling pressure near the trend line connecting last month Swing high With a similar range of price points over Meme-Driven Volatility Throughout May and June.
crucial Go Above this price could lead to a rise to the $40.50 level. Investors and traders who bought stocks at lower prices may look to unload shares around those prices.
Amid declines in the stock, investors should keep a close eye on the $23 level. GameStop Bulls You can look for many buying opportunities in this nearby area Tops and bottoms Which appeared on the chart from May to October.
Selling below this level opens the door for a decline to around $19.50. This level on the chart is likely to attract buying interest near an important level Horizontal line Which links to September 2023 The opposite direction High and several Swing lows Formed between May and September.
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