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GME Breakout 07/09/2024Technical Analysis Short Summary: Analyzing NYSE:GME on the 1D time frame and cannot help notice how tight this chart is getting inside of this macro trend on the Daily. As you can see, since May of this year, NYSE:GME has been trading in this specific range. You will notice that any time it breaks this trend with relative strength it seems to make a parabolic move to the upside, while holding that bottom trend perfectly since the first breakout at the beggining of the month of May. There isnt much time left for this stock to consolidate in this range so I predict there is going to be another massive volume spike any day now. Some bullish factors to take account of specifically would be: 1. the stock is trading above the 200sma on the Daily timeframe as well as the Monthly time frame. 2. The ADR % is currently at 16.58 at the time of this post. 3. Getting tighter within the range and has to pick a direction soon. 4. IF it can break 26.64 with relative strength on the weekly frame then that too will be above the 200sma which we can see a. massive move from. 5. Volume dying down while price is trading sideways. 6. I like the stock In short I would watch for a strong break of 26.64 for longs, and 23.11 for shorts. As always be safe! NFA.
NYSE:GMELong
by MasterAsh
INverted GME7824Inverted GME is probably the most bearish looking chart i've ever seen. If you are getting bored or want to sell it for another high flyer. I cant give financial advice. BUt I think you should have a position in it, THat you dont care what it does. Goes to zero? cool. Goes to 2k. Ok cool. Take some profits. BUt im telling you guys this really does look like wave 1 and 2 are complete. and we are starting our most aggressive and impulse 3rd leg up. Keep a position of spot.. I think if this does what I'm thinking it can do. it will be one of the most impressive crack ups in stock history.
NYSE:GME
by BrandonrG
2
GME + Another Live?In the Fibonacci retracement indicator, using the 0.382 level as resistance and the 0.236 level as support has specific implications: 0.382 Level as Resistance: When the price approaches the 0.382 Fibonacci retracement level from below, it often acts as a barrier that prevents the price from rising further. Traders view this level as a potential selling point where the price might reverse downwards. If the price repeatedly fails to break above this level, it confirms its role as a strong resistance. 0.236 Level as Support: The 0.236 level is considered a support level when the price is approaching it from above. It acts as a floor that prevents the price from falling further. Traders might look at this level as a buying opportunity, expecting the price to bounce back up. If the price holds above this level multiple times, it reinforces its status as a strong support. Green or Red Dildo Party? 😂😂😂😂
NYSE:GME
by alcoholic-semen-thrower
GAMESTOP Can it repeat the crazy run of 2020/21?GameStop Corporation (GME) has been consolidating during the past 2 weeks and lately have found support exactly on the 1D MA50 (blue trend-line). Early in May it gave the first signs of breaking above its recent 3-year Bear Cycle. The rise was almost as strong (+520%) as the one that made a temporary high on October 22 2020. Both formed a 1D Golden Cross. The main support of 2020/2021 was the 1D MA50, so technically as long as it holds (even a marginal break would be ok), the probabilities for a new High remain alive. Practically the sequence that led to the recent bottom is quite similar to 2019/20. If history keeps repeating itself then we could be looking at a +18630% from the bottom, which price-wise is translated to $1800. The times are of course different and GME's whole move was based on the 'meme' retail investors crusade against the big hedge funds that were shorting the price. Also those were post-pandemic times with very low interest rates and cheap money that could easily be diverted to extremely risky assets such as GME. Volumes were more easy to be achieved. Do you think history will be repeated? ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:GMELong
by TradingShot
9
GameStop (GME) more than ten doubled, now it can do it again.Technical Analysis of GameStop Corp. (GME) When we look at the bigger picture and weekly chart for GameStop Corp. (ticker NYSE: GME) then we now see a very interesting technical picture for the stock. The share had a wild rise of over 1,000 per cent in less than a year from the end of March 2020 to the end of January 2021 (cf. weekly chart). GME shares rose from under USD 1.00 to a high of around USD 120.00, before a major correction came down for the stock to a low of around USD 10.00. Then the share recently had a strong rise again to above USD 50.00, and then fell back somewhat again to today around USD 24.00. The share now finds good technical support around the USD 24.00 level, and the share has also triggered a strong technical buy signal from breaking up from a large falling wedge consolidation formation (cf. weekly chart here). Thus, the GameStop stock may now be at a very interesting level to buy the stock at. According to technical analysis theory, an upswing after breaking up from such large consolidation formations (and as here breaking up from a very large falling wedge consolidation formation for GME) is often expected to have a similar upswing as the upswing that preceded the consolidation formation. This is marked in the chart here with green dashed lines, and it now indicates a potential for the GME share up to around USD 2,000 - 3,000 in the 9-12 month term. So GameStop Corp. (GME) may now be at a potentially very favorable level to buy the share at, and the potential could be enormous. What could change the now very positive technical picture for GameStop stock would be if it were to break down below an important technical support level around USD 14.00. With today's share price around USD 24.00 and a stop-loss around USD 14.00 and a possible potential for the share around USD 2,500, yes, there is now a good risk-reward here in the share case GameStop (GME).
NYSE:GMELong
by StockCharts365
1
$GME: Summer rally inbound. Strap in!!!Hello everyone, I’m back with another analysis. First, a quick nod to Leenixus for the incorrect predictions over the past three years, which unfortunately misled many. Let’s review some history. During 2020-21, the indicators were overwhelmingly bullish, with hourly, daily, and weekly measures all above the monthly. This setup led to a wild, rollercoaster ride in stock prices. From 2021 to 2024, the indicators aligned bearishly, resulting in a gradual downtrend. It wasn’t until the hourly and daily crossed above the weekly that prices tested the monthly levels (refer to my previous post for details). Looking ahead, I anticipate a significant surge in the coming weeks or possibly the next month, should the weekly cross above the monthly. For this bullish cross to materialize, prices must maintain above both the monthly and weekly levels. This transition may not trigger an immediate reaction, but I expect a price movement similar to what we saw from December 2020 to January 2021. Our price target is derived from a Fibonacci retracement from the high in March 2021 to the low in April 2024. For GME to reach new heights, it will need to overcome resistance in the $30-40 and $60-80 ranges. Breaking above $80 could propel the price to test $120, and beyond that, we might see it soar to $200 or higher. As always, this is not financial advice . Happy trading!
NYSE:GMELong
by SierrasTrades
1
GME - BULLFirst shot on this Bull has arrived Here is a prediction for you all given the fact that the movie #Dumb #Money is out. This has 3 targets and yes it has officially just started. I would expect a drop to 10 with confirmed lower structure for the hold and switch. All relevant structure is applied and you will see what it does at each of the points so feel free to follow along as a demo of my plugin (#UBS). #GME #BULL I will add to this as the idea develops... The targets are Time-frame specific likewise the stops...
NYSE:GMELong
by elitetechfx-daily
18
$GME - Tight as some hamstrings - We hit ATH, or a snapped ACL?New class action just dropped. Looking tight on consolidation though. Consolidated out of bearish into the bullish channel of it's bearish divergence. Roading kitty attention on CHWY, what does that do for this? Has the legacy been passed to the apes? Is he holding both? He disclosed his CHWY trade, so he'd disclose a GME sale... right? Waiting for this thing to run up again to get some puts on the way down. You love to hate me for it but we're all playing the same game. Some just play it differently. No trade advice. I dunno notin
NYSE:GMEShort
by mike-ai-automation
1
GME, get ready for landing at 10Overview GameStop Corporation (NYSE: GME) appears to be in a bearish trend with recent price actions indicating potential further decline. This idea explores a short-selling strategy based on key support and resistance levels identified in the attached chart. Technical Analysis Resistance Levels: $27.78: Major resistance zone, indicating a potential reversal area if the price attempts to rally. $25.00: Immediate resistance level, critical for short-term bearish sentiment. Support Levels: $18.61: Initial support level, a break below this level could accelerate the downtrend. $13.60: Intermediate support level, likely to see some consolidation or minor bounce. $9.92: Major support level, a target zone for significant bearish movements. Current Price Action: The current price is around $24.07, just below the immediate resistance level of $25.00. The price has been consolidating with lower highs, indicating weakening bullish momentum and potential for further decline. Volume Analysis: The volume pattern shows decreasing buying interest and increasing selling pressure, supporting the bearish outlook. Trade Setup Entry: Short entry at or near the current price level ($24.07) or after a retest of the $25.00 resistance level. Stop Loss: Place a stop loss just above the $25.00 resistance level to limit potential losses. Target Levels: Primary target at $18.61 Secondary target at $13.60 Final target at $9.92 Risk Management Position Sizing: Adjust position size to ensure risk per trade is within acceptable limits, typically 1-2% of the trading account. Trailing Stop: Consider using a trailing stop to lock in profits as the price moves in favor of the trade. Conclusion The technical indicators suggest a continuation of the bearish trend for GameStop (GME). This setup provides a clear strategy for short-selling with defined entry, stop loss, and target levels. Traders should monitor the price action and volume closely to adjust their strategy as needed.
NYSE:GMEShort
by Rendon1
9