Next idea for GMEPeople have to hate this market. It rewards patience, and punishes chasing. Here are my new levels for $GME. If you missed the previous calls, we absolutely nailed it.
Stay patient.
GME trade ideas
$GME AlgoTradeAlert Momentum Algorithm IndicatorNYSE:GME AlgoTradeAlert Momentum Algorithm Indicator
We never short growth stocks or stocks with a lot of volatility. If we were short, we would have covered our short position and gone long. Instead, our strategy is to wait for the large green dot to enter a long position. On June 10, we got that large green dot and we entered into a long position. Yesterday at 13:20, we exited our long position with a fantastic profit. Today we are going to repeat the process and do it all over again. Wait for our algorithm to give us a buy alert to go long.
Gme stock is looking to spring upSo far, we have not elected any Daily Bullish Reversals. The Daily Bullish Reversal to watch stands at 3180. A bullish trend remains in play as long as this market holds above 2110 on a Daily closing basis. A closing beneath that will signal a near-term change in trend to the downside.
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Did You See What GameStop Just Accomplished?I must say, and as I wrote the other week ( see here ), the winners of the GameStop resurgence was GameStop itself. They now have $4 BILLION in cash on their balance sheet. That's right – a strong community can do wonders for a brand, its backing, and the company itself. Between Roaring Kitty, Ryan Cohen, and everyone on Reddit, they just created a viable business with an entirely new fundamental outlook.
Let me explain:
- They eliminated all of their debt, thus zero debt!
- They now have about $4 billion in cash.
- Market cap is nearing $10 billion.
- They do about $3.2 billion per year in revenue.
- They have 3x PS ratio, but many startups for for 5x or even 10x. But keep in mind that a majority of that is in cash. If we back out the cash from the market cap, the PS ratio is more like 1.5.
If you think they are on the verge of rebuilding and recreating their story, they have the revenue and balance sheet to do it.
Well worth watching…
By the way, I still can’t believe some 25%+ of the float is still short and public about it in available data.
I currently do not have a position, but as someone who appreciates fundamentals, a sound business, it surely has me watching it more closely than I have in prior years. The road will be long and difficult, and they have to execute flawlessly, but if they can, the vision is to become a gaming giant that'll be a value add to the gaming world.
GME Trade PlanA look at Gamestop. This has been getting attention again! Wall Street vs. Retail Traders battle. There is a LOT of Short volume on GME and AMC, and the big Analysts say the buying is nothing and that everyone should sell. BUT, the technicals don't lie and in our opinion, this is going to take off again. Jim Cramer says it's nothing and that it will flop, so it's definitely a buy! LOL !!
We first got the buy signal at ~$17 week BEFORE the news of this big push up...all from the technical analysis. So...If you're following this with us, it is time to buy again at $26.
Target is $45, then $68. If this holds...a retest of previous highs is likely coming
Simple Price Analysis and where I expect price to go.My simple quick 10 minute analysis on where the stock is and what I believe can happen unless breaks under last bottom side of new trend.
GME | Support at trendline, FVG, Higher-low | Huge Cat Ear againI think the combination of all these technical indicators, the Citron Research closing their Shorts, Etoro disabling retail to short GME... Looks like a bullish storm from every perspective.
If we break resistance patterns at 34.50 door is open tot 64.50. If we break that one, 80-100 is open.
Be careful with reject of trendlines, especially if breaks bottom one.
GAMESTOP: The Party Is OverRemember when Elon used to tweet about Dogecoin, causing the entire market to react wildly? Market cycles repeat, and this one is no different. What we've learned is that driving up prices through tweets, Saturday Night Live appearances, or YouTube livestreams is unsustainable, and the positive effects are diminishing.
Yesterday, expectations for the livestreams were high. Despite multiple market halts, the disappointment was evident as GME's price retraced to its pre-pump level from the start of the week.
GME new bullish momentum LONGGME on a weekly chart has clear the chop zone on that indicator and is now above the POC
line of the long -term volume profile indicating that bullish momentum is greater than bearish
momentum. I will take a long trade here targeting the pivot highs of 2022 for three quarters
of the trade and the base of the high pivots of 2021 for the reminder. 21.7 below the POC
line will be the initial stop loss to be moved to break even upon a price rise of 10% from the
entry and then changed to a trailing loss of 10% upon another 10% price rise. I believe that
GME is heavily shorted; Accordingly, a short squeeze could add to the push higher.
Massive Divergence Hints at GME Short SqueezeWe see a massive hidden bullish divergence in the Cumulative Volume Delta for GME.
This means that short sellers have tried to push the price down by all means, but were unable to break below the previous low.
The logical consequence of this situation is an expected short squeeze.
Experience shows that the more pronounced the divergence, the stronger the short squeeze.
GME Bullish Momentum Expected: Key Buy/Sell Zones to WatchSummary: GameStop Corp. ( NYSE:GME ) is showing strong bullish momentum, and my analysis suggests an upward trend in the near term. Here's a detailed look at the key buy/sell zones to watch on the chart.Technical Analysis:Trend Analysis: The overall trend for NYSE:GME is bullish, supported by increasing volume and positive sentiment in the market.Support Levels: The key support levels to watch are at $22.50 and $24.00. These levels have historically shown strong buying interest.Resistance Levels: The critical resistance zones are at $27.50 and $30.00. Breaking these levels could lead to a significant upward move.Moving Averages: The 50-day and 200-day moving averages are showing a bullish crossover, indicating a potential buy signal.RSI: The Relative Strength Index (RSI) is currently at 60, suggesting there is still room for growth before reaching overbought territory.
Buy zone : $26-$30
Sell zone $52-$60
GME Gamestop - Diamond bottom forming - mega cat ear? GameStop may be forming a "diamond bottom" pattern, signaling a potential bullish reversal. Traders are also buzzing about a possible "mega cat ear" pattern. Keep an eye on those charts!
GME support at 24 - FVG. Trendline support, Cat EarIt looks like the drop of yesterday formed an amazing first ear. Also forming support at trendline and 24-25 FVG.
Bull pennant into next weekWe were able to get back into the pennant today and it just bounced off the bottom line. Up we go!
Gamestop WatchGME is the most talked about name in the market at the moment with the roaring kitty saga. We have it on high watch. Our premium indicator nailed the initial move and gave two blue continuation bars which captured the last move.
Although we believe the "squeeze" is likely through, we will be watching for another continuation setup to punt over the next week.
Possible Turning Point GMEWaiting on Indicator to flip long. Will probably be dependent on the FED tomorrow but willing to take a chance here. Stop Loss set at 19.75 NYSE:GME
The Epic GameStop Saga: How Retail Traders Toppled Hedge FundsThe story of GameStop (GME) and Wall Street Bets is one for the history books. 🏆 This tale of David vs. Goliath saw everyday retail traders take on some of the most powerful hedge funds on Wall Street, and win—at least for a while. Let's dive into this rollercoaster of financial drama, where memes, emojis, and Reddit posts became weapons of choice.
The Rise of the Retail Trader 💪
It all started on a subreddit called Wall Street Bets (WSB), where a group of retail traders noticed something peculiar about GameStop. Hedge funds like Melvin Capital were heavily shorting the stock, betting that its price would fall. But the WSB community saw an opportunity. By banding together, they could drive up the stock price, forcing the hedge funds to buy back shares at higher prices to cover their shorts—a process known as short covering.
Short Covering Explained 🧠
For the uninitiated, short covering happens when traders who have shorted a stock (sold it hoping to buy it back at a lower price) must buy back shares as the price rises, to limit their losses. This buying pressure can further drive up the stock price, creating a feedback loop of rising prices and more buying.
The Showdown 🥊
In January 2021, the WSB crowd launched their coordinated buying spree, and GameStop's stock price skyrocketed from around $20 to a peak of $483. Hedge funds were caught off guard. Melvin Capital, one of the primary short-sellers, faced massive losses. Enter Citadel, a large hedge fund, which stepped in to bail out Melvin Capital with a hefty cash infusion. But the damage was done. Retail traders had won a significant battle, showcasing their power to move markets.
Fast Forward to Today ⏩
Fast forward to today, and the GameStop frenzy has simmered down, but the stock's legacy remains. Currently, the sentiment around GameStop is neutral. The put/call ratio, a measure of market sentiment, indicates that traders are neither overwhelmingly bullish nor bearish. They're getting out of the stock, which reflects a stabilizing interest.
GameStop's price has recently dipped below a monthly supply zone of $40 per share, signaling a critical point in its trading activity. However, there's significant buying interest at around $10 per share. This suggests that if the stock drops to this level, we might see renewed buying activity.
What’s Next? 📅
Looking ahead, GameStop's earnings report on June 11th will be crucial. Investors and traders alike will be watching closely to see how the company is performing financially. This report could either stabilize the stock or create new waves of volatility.
The Legacy 🌟
The GameStop saga is more than just a story about stock prices. It's about the power of the collective, the impact of social media on financial markets, and the democratization of trading. Retail traders showed that they could band together and challenge the titans of Wall Street. And they did it with a sense of humor, using memes and emojis to rally the troops.
So, what's the takeaway? Whether you're a retail trader or a hedge fund manager, the GameStop episode is a reminder that in the stock market, anything can happen. And sometimes, the little guys can win big. 🚀💥
Let him cook. Let him cook.
Who wouldn't lend a hand to humble the billionaires who screw retail traders.
About to find A New Moonwe started the accumulation phase. As they continue to hold the float actually gets smaller. THIS COULD BE HUGE!
GME is moving again?What should I do with GME? I thought the movie was pretty good. I think there is room to the upside for short term gain. I'm not convinced on a long term position. That's how I feel at the moment. The landscape is always changing. I'm not in a position yet. I am itching to get in one though.
$GME 4Hour Chart Bearish case: NYSE:GME 4Hour Chart Bearish case:
- 9/21 EMA cross down(9EMA-green, 21EMA-red)
-Price made new lower low
-Price below Anchored VWAP (Black Color)
*If price stay below resistance level market in RED then there is a high probability of price going to $20 next
Long $GME on increased volumeLong gamestop at a price of $20.31 Based on trading volume with demand at the $20.20 level, looking to take out areas of supply as we recently retested $63.92 earlier this week. Next level would be the $86.17 followed by ATH of $120.75.
Only trade what you can afford to lose! The company is not profitable but has a robust balance sheet and cash on hand.
My 4H $GME Chart Showing Key LevelsThis is being posted in addition to my weekly chart so its easier to see. Original weekly chart can be found in "related ideas" underneath this description.
Expect the next 2 weeks to be extremely volatile due to several upcoming events:
Earnings Release: June 11th
Annual General Meeting: June 13th
Contract Expiry: Over 140,000 call contracts expiring on June 21st
Price Prediction
Short-term Decline: The price may fall further to between $25.25 and $23.07 to fill the gap created on June 3rd, represented by the blue demand zone.
Upside Potential: Following this, I expect a price run-up past $67.50 and $80 due to the exhaustion of selling orders over the past 4 weeks. Watch for a test of the all-time high (ATH) of $127.01.
Cheers!
