Gamestop (GME) Stock Price and Forecast: GME closes up over 5% on Wednesday
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UPGRADE- GameStop (GME) stock closed up over 5% on Wednesday, breaking above $150.
- GME stock still suffering from a bearish double top formation.
- GameStop (GME) should see the traditional holiday season sales boost.
GameStop shares rallied over 5% on Wednesday to close at $153.93. This was a strong performance in a flat-lining equity market. Many retail and high beta names actually closed in the red so this green day performance by GME was all the more impressive.
GameStop (GME) stock news
GameStop (GME) shares have struggled to regain the momentum generated at the start of 2021. GME stock is down 23% for the last month and a similar amount for the last six months. However, GME shares are still up a huge 717% year to date. This is despite more than halving from the year high set on January 28 of $483.
GameStop (GME) stock forecast
As mentioned the real bearish trend was put into play by the bearish double top in November. Breaking the 200-day moving average merely added to this trend. Now GME stock has found some support from the yearly volume-weighted average price (VWAP), which is the yellow line in the chart below. We still have a weak trend with the RSI below 50 and the MACD negative.
Resistance at $167 and $178 and then $187 from the 200-day moving average. Support at $140 and $118. Breaking $118 would be significant and would see $86 as brief support before a move sub $50.
GameStop (GME) chart, daily
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- GameStop (GME) stock closed up over 5% on Wednesday, breaking above $150.
- GME stock still suffering from a bearish double top formation.
- GameStop (GME) should see the traditional holiday season sales boost.
GameStop shares rallied over 5% on Wednesday to close at $153.93. This was a strong performance in a flat-lining equity market. Many retail and high beta names actually closed in the red so this green day performance by GME was all the more impressive.
GameStop (GME) stock news
GameStop (GME) shares have struggled to regain the momentum generated at the start of 2021. GME stock is down 23% for the last month and a similar amount for the last six months. However, GME shares are still up a huge 717% year to date. This is despite more than halving from the year high set on January 28 of $483.
GameStop (GME) stock forecast
As mentioned the real bearish trend was put into play by the bearish double top in November. Breaking the 200-day moving average merely added to this trend. Now GME stock has found some support from the yearly volume-weighted average price (VWAP), which is the yellow line in the chart below. We still have a weak trend with the RSI below 50 and the MACD negative.
Resistance at $167 and $178 and then $187 from the 200-day moving average. Support at $140 and $118. Breaking $118 would be significant and would see $86 as brief support before a move sub $50.
GameStop (GME) chart, daily
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