GME Earnings happen to be tonight after hours, and unfortunately, the market has been pulling back in some sectors, which is not the best thing for us GME bulls. What I can see so far, is a symmetrical triangle building. We are struggling to clear the $31 area again we got rejected. We have some serious support on the longer term chart but we have to continue to remain above around $28 overall.
The support of the symmetrical triangle is around 2650 area so as long as we continue above that for now we can say this is just building.
We can also pull fib retracements short term from the start of the move around 20.37 and pull it up to the recent top around 32.10
This gives our 50% support still around 26.23. As well as the .382 fib around 27.60
The earnings is about 50% chance of upside or downside. It doesn’t seem like any clear pattern. If we can get some kind of good news, we could potentially see this stock bottom 1-3 days after the earnings report and have a swift move within a week after depending on the news. That seems to be a pattern I have found looking back from the past 3 reports. Hopefully GMe can drop something unexpectedly good and keep this pattern and uptrend alive.
Any large downside moves after earnings we can see a drop to .618 24.86 $ or 23.88 Keeping some buy orders there around time
Of earnings won’t be a bad idea as we may get some low bid fills in anticipation of drop.
Good luck to all taking the risk holding though earnings. And good luck to those looking to scoop up if we get a good drop after.
