Another GME Rally?Overview
Usually I stay away from meme stocks but when opportunity knocks, I can't help but check the door. NYSE:GME appears to be gearing for a double bottom pattern which may see another spike in the share price back to $65. I haven't extensively researched the idea I'm about to present so please take it with healthy skepticism but in my few years of trading I believe I've noticed a trend: when the traditional stock market is doing well, crypto and meme stocks sink. And when the traditional stock market begins to fall, crypto and meme stocks rise. I chalk it up to recycled profits being moved from one market to the next.
Technical Analysis
Dwindling share value on decreasing volume; MACD and MFI have retreated from overbought territory; MACD and RSI are both underneath their signal lines which suggests the next cross will be from beneath which is bullish (the question is when it will cross though).
Because of GME's past volatility and unpredictability, it would be best to approach this asset like a lottery ticket. You don't expect to win, but it's fun to play.
