Despite its pending return to the $50-$75 range, Gamestop likely has a timultuous road ahead as it tries to sustain relevancy in a time where games can be purchased and downloaded without ever leaving the comfort of one's home.
There is also an increase of demand for crypto related gaming, where real world value is given to in game characters, and items. This is unlike the gaming world that's been dominated by Gamestop for so long, where consumers generally only have an output of value (cash).
I won't try to speculate on matters outside of the chart any more than I already have, but speaking on the chart's structure itself, it remains to be seen if Gamestop will withstand the long term descent which will likely put each stock below $0.25.
If so, there will be a lot of business restructuring that has to take place.
In Elliott Wave terms, it seems like a bullish extended flat correction has concluded. Basically, what generally follows is a new low; a new all-time low in this case.
There is also an increase of demand for crypto related gaming, where real world value is given to in game characters, and items. This is unlike the gaming world that's been dominated by Gamestop for so long, where consumers generally only have an output of value (cash).
I won't try to speculate on matters outside of the chart any more than I already have, but speaking on the chart's structure itself, it remains to be seen if Gamestop will withstand the long term descent which will likely put each stock below $0.25.
If so, there will be a lot of business restructuring that has to take place.
In Elliott Wave terms, it seems like a bullish extended flat correction has concluded. Basically, what generally follows is a new low; a new all-time low in this case.
Note
I overlooked a signal with the last chart outlook. Updated:GME should test but stick below $35-$40 for the forseeable future. A longlasting bear trend is very likely already in motion.
Join me on the waves, where its safe. discord.gg/QRPx6ShxMt
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join me on the waves, where its safe. discord.gg/QRPx6ShxMt
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.