GME - On the Verge of Bullish Breakout?I have been tracking GME closely for the past couple of months and want to share some developments on the chart that I’ve noticed so far.
Looks like we have been moving within an ascending triangle pattern since March, and are currently in the process of completing the handle portion a cup and handle that also started forming I during this time.
We are currently in a falling wedge pattern and coming close to a bullish breakout, which would coincide with a breakout of the handle. To make matters even more convincing, there seems to be a small inverse head and shoulders pattern forming inside the wedge which can be more clearly seen on the 15 minute chart, which could possibly be the move to cause a bullish breakout of the wedge pattern as well.
If we do see a bullish break of the wedge, we may be on track to testing the resistance level of the ascending triangle sometime towards the end of July / August. Breaking this resistance could possibly push us up over the previous ATH and put us into price discovery mode by Fall 2021.
GME board has been relatively quiet on what they plan to do moving forward, but I expect more news on the growth of their esport prospects more than anything else, since this was a major focus in the rebranding of the company.
If any esports news is released it would make sense for it to be announced during the lead up to EVO 2021 which takes place mid August (falling in line with the time frame of the expected breakout of the triangle).
TL;DR: Quite a few technical indicators pointing to a bullish break. Expectations of esport news could be the catalyst to make it happen.
Best of luck to everyone
