GameStopLong
$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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Disclaimer
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.