1GME trade ideas
GME fell. Can it get back up? GME on the one hour chart fell over a week from July 27 until earlier today.
The fall has heavy selling volume this morning followed by a flip at the lunch
session into buying solume above the running mean. Similar findings are on
the volatility indicator. The MACD has a cross under the the histogram as
price momentum shifted from bearish to bullish. Price has crossed over one of the
lower VWAPs in early vWAP uptrending.
Overall, I see this as a long setup. With the market drop today, the volatility gryration
tomorrow is a likely reversion to the mean. This should lend support to the
reversal on GME. My target is the green POC line of the volume profile at 21.18
with a stop loss of 20.25. Once underway with the stock trade if good movement is seen
I will take an options contract or two with one day to expiration.
$GME - Down, then upHi all,
imgur.com
Basically blue is a leading indicator that shows what will happen before with GME's price before it happens.
According to it, the price is going to go down, then in ~2-3 days it will bottom out. After this point it'll shoot up a lot. That's it.
Things to be wary of:
1) Historically, GME shorts like to cover into an elevated Vix.
2) Historically, GME shorts like to cover into a dying market.
Knowing that there is a move UP next week for GME would mean that Vix is expected to spike up and SPY is expected to start dropping. Position yourselves accordingly.
GME is not the one causing all of this, GME is simply left as last to be covered into a dying market in order to defuse the magnitude of the price pop. This is pretty clever.
That's it. I expect the bottom to be in by Friday 04 Aug. I expect a pop sometime next week.
This one is going to be a bit early where normally this pop would happen just after IEP's dividend e.g around the 21'st of Aug.
The data suggests a sudden 1-2 day pop on one side. It may also suggest a possible big initial pop and slow upwards move into the 25'th of Aug before reversing.
Do with this information what you will.
Good luck.
GME buy the dip LONGI see GME on the 15-minute chart as being setup for an opportunistic speculative dip buy.
Details and targets are on the chart. The plan is to get about 5% out of an anticipated
rebound off the near-term pivot low. My analysis is the GME will revert to the mean being
the high volume area of the volume profile which is 4% upside with the POC line before
that where trading will ever be buyer dominate for a continuation or seller dominate for
a bounce down. If any shorts bought in the downtrend they will either hold through the
recovery or buy to cover to minimize losses. If the latter, the early beginnings of a short
squeeze could be a foundation of a move higher.
$GME Last Point of Support - Wyckoff TheoryNYSE:GME 's trading range can be identified as a longer-term accumulation where price dipped below demand zones but regained the very important $22 area. This zone, historically, has provided major support and large upthrusts in volume and succeeding price action when sellers were absorbed and reversals occurred.
Right now, NYSE:GME 's sell-side volume increase (slightly over the last several days) but downward thrusts in price have been diminishing in strength. This is showing me that buyers are stepping up here and we could see a strong reversal in the very immediate future if this level is seen as a "Last Point of Support" in Wyckoff terms.
Fibonacci levels would have NYSE:GME potentially going to test the 1.618 fibonacci extension from the "shakeout" low, swing high, and following "lps" low. This Golden Ratio in Fibonacci is seen as as very popular retracement/extension level and would also make sense schematically before another push down to test demand higher in the range.
GME- Pullback completed Re-Entry REady?GME trended up from the 1st of May into a V shaped retracement and boune from June 7th
to 14th finally crossing over the 2nd STD of the full range anchored VWAP before a
standard 50% Fib. retracement bottoming 2 days ago as seen by the Fib. retracment tool.
Price has now reversed to an uptrend and is crossing both the full range mean anchored VWAP
and the POC line of the full range volume profile. The confluence of the mean VWAP and the
POC line cross-validates them both and adds strength to the thesis of a a return of bullish
momentum. I see this as suitable for a long trade targeting first the red line of the 2nd
standard deviation above aVWAP for 75% of the position and then the blue line of the 3rd
standard deviation above mean a VWAP for 25% of the position. The MTF RSI indicator
of Chris Moody shows two low and high TF RSIs in the mid range. The Lorentzian an AI based
machine learning backtesting indicator has printed a buy signal yesterday morning. About the
same time the low time frame RSI crossed over the higher TF RSI and the 50 level then
MACD lines crossed while underneath the histogram. Confirmations and validations
found, I will zoom into a 5 or 15 minute time frame for a pviot low from which to enter
the trade long.
Is one Gamestop trend line enough? GameStop - 30d expiry - We look to Buy at 21.71 (stop at 20.21)
Short term momentum is bearish.
Prices expected to stall near trend line support.
Trend line support is located at 21.70. We look to buy dips.
We look for a temporary move higher.
This is currently an actively traded stock.
Our profit targets will be 25.21 and 25.71
Resistance: 24.00 / 25.00 / 26.00
Support: 22.91 / 22.15 / 21.50
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$GME BullishI cannot remember ever seeing such a bullish setup for NYSE:GME since starting to follow it in January 2021
Yes, there was 1 golden cross before,
Yes, there were many double bottoms before
Yes, there were many confirmed uptrends before
Yes, there were many solid gamma ramps before
Yes, it bounced off the MA200 once before
But all together? No
With that, UBS announced that they completed the take over of Credit Suisse and that they are going to get rid of the toxic assets. And we know that Credit Suisse inherited those from Archegos. And we know it caused the downfalls of both Archegos and Credit Suisse. And we know what caused the downfall of Melvin. And we know there are many others with toxic assets.
GME's Accumulation CompleteNYSE:GME 's recent news (Cohen Chair and buying) seems to have dropped at the perfect time. The tape is reading bullish absorption of supply volume with higher lows and higher highs. If this is correct, Williams Alligator is showing the 'gator emas' eating to the upside on *THE WEEKLY*. This looks like squeeze territory anywhere above $30-32.
GME - Is Gamestop ready for another run ?GME this past week showed a nice reversal as seen on the 30 minute chart. Price hit a swing
low on May 2nd and then rose the rest of the week. Is it riding above the linear regression line
set to draw context and direction. On the anchored VWAP bands GME has crossed over the
first standard deviation VWAP line as well as the mean VWAP. Buying volume has replaced
selling volume in the past 3-4 sessions. GME crossed above the POC line of the intermediate
term volume profile suggesting buyers are taking control of the market
Please comment. What do you think? Is GME getting ready for another launch?
GME: Falling Wedge Breakout to All-Time Highs is NearGME recently bounced from the lows on the lower timeframe thanks to a Bullish Gartley and a massive amount of MACD Bullish Divergence and it has since come back down to fill the gap the rise created; now that GME has filled that gap it is going for a second leg up and the RSI is entering the Bullish Control Zone, and soon it will be Bullishly breaking out a macro falling wedge pattern which if it breaks, I think could take it up to the levels of at least $120-$135
Gamestop may rally after a Bullish ConfirmationGameStop has entered an accumulation zone on the daily timeframe, indicating a period of consolidation and potential price reversal. To anticipate a bullish rally, confirmation of a breakout above this zone is necessary. Furthermore, there is a significant daily support level near the current market price, which has been preventing a downward break. Monitoring the price action and waiting for a bullish breakout confirmation will provide more clarity on the potential direction of GameStop's price movement.
Pullback or NOT?hi every one
complete pullback to the trendline with 30% profit Potential
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$GME A New Strategic VisionOn June 7th GameStop Corp. (NYSE: GME) fired its CEO Matt Furlong and appointed Ryan Cohen as the new executive chairman. These consecutive decisions were made after GME’s Q1 earnings report revealed a YoY decline in sales which caused the stock to plummet by 18.4%. The board’s decision to appoint Cohen on the other hand was likely due to three important reasons. The first is to avoid a power vacuum, the second is due to his popularity after the GME stock short squeeze, and the final reason is related to his outstanding business acumen. Given the board’s decision regarding Cohen, GME stock might be poised not only for a rebound but for a major run.
GME Fundamentals
Avoiding A Power Vacuum
Cohen’s new appointment as executive chairman comes with control over capital allocations, the authority to evaluate potential investments, as well as acquisitions, and an ability to oversee the managers of GME’s holdings. These executive powers solidify authority, and as a result, prevents a power vacuum from occurring in GME which would provide GME with stability until a new CEO is appointed.
Meme Stock King
The GME short squeeze was a momentous occasion as its + 2000% run represented a frustration with wall street corruption. In the midst of it all, Cohen who was a GME board member and a notable investor at the time, supported the short squeeze and became synonymous with the movement. His popularity skyrocketed on social media resulting in him becoming a figurehead in the meme stock community. His position within this community gives him an edge over other chairmen due to his trustworthiness and popularity among investors.
E-Commerce Expert
Throughout his career at GME, Cohen has constantly expressed that GME lacked a strategic vision due to its reliance on walk-in stores as opposed to online purchases. With that in mind, GME is now poised to take advantage of Cohen’s experience in the e-commerce sector thanks to his experience from his time as the CEO of Chewy, Inc. (NYSE: CHWY) where he elevated CHWY’s notoriety so much so that Petsmart purchased it for $3.3 billion.
That said, Cohen is likely to utilize his expertise in e-commerce in order to shift GME’s trajectory from a traditional retailer to an online tech-oriented retailer. A shift towards online purchases would likely result in a decrease in physical stores, which would cut expenses and increase profit margins due to a stronger focus on online purchases. In light of this, GME could return to profitability soon, which would reflect on the GME stock price.
Short Data
As things stand, GME stock is witnessing an increasing short selling activity with its short interest increasing to 20.5% and 28% of its float on loan. At the same time, GME’s utilization rate is at 100% indicating that there are no more shares available to be shorted. Given Cohen’s popularity as a meme stock figurehead, GME stock could witness a short squeeze given the excitement surrounding Cohen’s appointment as executive chairman.
GME Financials
According to its Q1 report, GME’s assets have decreased from $3.1 billion to $3 billion QoQ. Its cash balance also decreased during that time from $1.1 billion to $1 billion. Meanwhile, its liabilities remained stagnant at $1.79 billion.
As for revenues, GME’s net sales decreased YoY from $1.3 billion to $1.2 billion while its expenses decreased from $453 million to $345 million. As a result, GME’s net loss improved YoY from $157 million to $50 million.
Technical Analysis
GME stock is in a bullish trend with the stock trading in an upward channel which the stock broke following its disappointing Q1 earnings. Looking at the indicators, GME is trading below the 200, 50, and 21 MAs which are bearish indications. Meanwhile, the RSI is neutral at 62 and the MACD is neutral as well.
As for its fundamentals, GME recently witnessed 2 catalysts in its disappointing Q1 earnings, which has seen the stock plummet 20% in after hours and pre-market trading, and the appointment of Cohen as executive chairman. Given Cohen’s reputation and popularity among investors, GME stock could be poised to soar in the near term.
GME Forecast
Sometimes dips could be a great opportunity to invest which might be the case for GME stock given that Cohen was appointed as executive chairman. Through Cohen’s e-commerce expertise and popularity among investors, GME stock could witness a short squeeze soon as the company might be set to improve its financial situation significantly if it starts to focus on online sales. In this way, GME may return to profitability under Cohen’s guidance which could reflect on the GME stock price.