GME has broken out of the $20-$25 range with strong momentum and a rounded bottom on the range. A move above $31 will send this to $48 very swiftly. Ill be updating as the days go Note
After consolidating between $25 and $28.5 GME has not only broken out of that range (which confirmed a flip at the 25 level), it retested that range high as support and continued even higher before topping out at $32 for the day. This is very bullish.Although I would've liked to close above $30.67(.236 fib) today to confirm bullish momentum going into tomorrow, I think dips are to be bought and would consider $27 a gift.
Also has earnings next week on 12/4, that might be the catalyst needed to push this stock up very quickly. Looking for a 30% move to $40 at the minimum.
Trade active
Since the last update GME was showing resistance at the .236 Fib level. We actually did get a dip to 27, almost as low as 26. That dip was bought up the same day before consolidating for the coming days. We finally got a good close on the daily and closed the day with good momentum going into tomorrow. At this point if you havent already been in the trade, its still at reasonable levels to enter here. The target is still $60 at a minimum so that is still a potential 100% gain if it plays out. However if you are playing options it is NOT a good time to buy contracts given the premium increase from the at the end of the day. Note
After a series of higher lows GME finally looks like it will flip $31 to support today. Only a matter of time before we see a crazy move to $40
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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.