GME 48 resistance level part 2
So as i have posted previously, GME touched on the 48 resistance level before retreating back. I think this is an important level to watch, along with the lower support level of 38. I would like to see the RSI to continue to gain, getting closer to and above 60 before seriously looking at this closely. If it falls lower and loses momentum, then we have to assume that it may test support at 38.
As we have seen in the past, this stock is VERY susceptible to news and will move on the slightest positive or negative news. We saw a rally earlier in the week because a certain main character of this "reddit" saga posted that he had bought 50,000 shares of the stock. While in the long run i don't expect this stock to replay the $450+ levels in recent past, it is certainly prone to volatility as smart money try to gain leverage to their favor.
My personal opinion is that, if you're a day trader or are trying to catch the tail end of the incredible moves that it had, you should take extreme caution, or only put in what you can afford to lose. For the "diamond hands" my experience is that this is a gamble and a wish, not based on any fundamentals or technicals, but pure "to the moon" speculation, so there's no point in trying to convince them otherwise :) But my only comment to them will be that, if everyone knows the state of play on this stock, unless you know something that others do not, then you have to consider the possibility that those who do this for a living may have an advantage in faster and deeper execution of trade. That's all i'll say about that.
Good luck.
As we have seen in the past, this stock is VERY susceptible to news and will move on the slightest positive or negative news. We saw a rally earlier in the week because a certain main character of this "reddit" saga posted that he had bought 50,000 shares of the stock. While in the long run i don't expect this stock to replay the $450+ levels in recent past, it is certainly prone to volatility as smart money try to gain leverage to their favor.
My personal opinion is that, if you're a day trader or are trying to catch the tail end of the incredible moves that it had, you should take extreme caution, or only put in what you can afford to lose. For the "diamond hands" my experience is that this is a gamble and a wish, not based on any fundamentals or technicals, but pure "to the moon" speculation, so there's no point in trying to convince them otherwise :) But my only comment to them will be that, if everyone knows the state of play on this stock, unless you know something that others do not, then you have to consider the possibility that those who do this for a living may have an advantage in faster and deeper execution of trade. That's all i'll say about that.
Good luck.
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