GME Breakout Day 11 - Sling Shot Maneuver
Updated
Major Price action today, drop (with gap down) hitting a low of 211, and closing today at 220.
After hours is up slightly to 230 which is pretty interesting.
The thought is with the higher volume day at 22.7 million is that Gamestop sold all or most of the 5 million shares they announced they could sell yesterday.
The last time GameStop completed selling 3.5 million shares in April the stock spiked.
Even if Gamestop doesn't come out and say how much they sold the slight violation of the curved line trend is ok. It looks like a bounce, not a break.
Especially if GME opens higher then the close today, which looks like will be the case.
Further, it looks like GME has been cleared to be moved from the Russell 2000 to the Russell 1000, and all the shorts in that EFT related to GME will need to be bought back which is a pretty big deal and that date of EOD June 25 switchover date is fast approaching.
TLDR
Resolution of the multiple gap ups after 217(creating a gap down between 280 and 302)
GME partially or fully sold 5 million shares. Means > Limited further selling pressure (need confirmation).
Bounce off the Curved log trendline(pending confirmation tomorrow)
GME moving from Russell 2000 to 1000(basically confirmed, just waiting on a press release)
GME almost always drops after earnings, but the drop is limited and recovers well.
Buckle in, because I think GME is ready to pull some G's.
After hours is up slightly to 230 which is pretty interesting.
The thought is with the higher volume day at 22.7 million is that Gamestop sold all or most of the 5 million shares they announced they could sell yesterday.
The last time GameStop completed selling 3.5 million shares in April the stock spiked.
Even if Gamestop doesn't come out and say how much they sold the slight violation of the curved line trend is ok. It looks like a bounce, not a break.
Especially if GME opens higher then the close today, which looks like will be the case.
Further, it looks like GME has been cleared to be moved from the Russell 2000 to the Russell 1000, and all the shorts in that EFT related to GME will need to be bought back which is a pretty big deal and that date of EOD June 25 switchover date is fast approaching.
TLDR
Resolution of the multiple gap ups after 217(creating a gap down between 280 and 302)
GME partially or fully sold 5 million shares. Means > Limited further selling pressure (need confirmation).
Bounce off the Curved log trendline(pending confirmation tomorrow)
GME moving from Russell 2000 to 1000(basically confirmed, just waiting on a press release)
GME almost always drops after earnings, but the drop is limited and recovers well.
Buckle in, because I think GME is ready to pull some G's.
Note
Ortex data reporting 74.27m outstanding sharesstill unconfirmed, but looks like GME did sell most or all of their indicated shares today.
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