$GME nearing support zone, loading for next push
GME continues to follow the well-known algorithm from recent years. The double top in May/June 2024 led to a significant drop in the stock, a phase of consolidation, and this rounding bottom typically concludes a cycle. This should be completed around the $18-20 range (also a previous resistance which has now transformed into a support zone).
Additionally, GME announced yesterday in an 8-K filing that they have canceled the possibility of a 250m loan arrangement with various banks, opting instead to rely on their own cash reserves and cash from operations. Earnings are due on September 10, 2024.
A breach of the $18 support zone could lead to further declines, with $10 as a potential final target. However, if the current algorithm model continues, the end of this cycle should be near, and a push in the stock price should follow soon. Key levels to watch initially are: $22.50, $30.
Additionally, GME announced yesterday in an 8-K filing that they have canceled the possibility of a 250m loan arrangement with various banks, opting instead to rely on their own cash reserves and cash from operations. Earnings are due on September 10, 2024.
A breach of the $18 support zone could lead to further declines, with $10 as a potential final target. However, if the current algorithm model continues, the end of this cycle should be near, and a push in the stock price should follow soon. Key levels to watch initially are: $22.50, $30.
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