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GameStop shares will remain in the spotlight on Monday ahead of the video game retailer’s eagerly anticipated earnings report on Tuesday and recent meme-driven trading activity.
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The stock price formed a bullish pattern after a slight pullback on above-average trading volume.
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Investors should look for key overhead price areas around $31 and $40.50 on GameStop’s chart, while also monitoring important support levels near $23 and $19.50.
gamestop (GMEShares will likely remain in the spotlight on Monday ahead of the video game retailer’s eagerly anticipated earnings report after the bell on Tuesday, particularly after a social media influencer posted “roaring kitty“Keith Gill K The stock was sent soaring last week.
On Friday, investment firm Wedbush announced its “Low performanceRating and $10 price target on GameStop shares, noted Brick-and-mortar The company’s planned return to growth faces insurmountable obstacles amid a shift to digital commerce and games streaming.
Shares of GameStop are up more than 65% since the start of the year through Friday’s close, with most of those gains coming in May and June after Gill posted several times about the retailer for the first time since the pandemic-era. The obsession with meme trading held the stock in late 2020 and early 2021.
Below, we break down technical Identify several important price levels to watch for on GameStop’s chart and between the video gamer retailer’s upcoming quarterly results.
After separation from A descending triangle Since forming in late October, GameStop shares have continued to trend higher.
Recently, price formation a Bullish engulfing pattern After a minor pullback above average-Trade volume Before the retailer’s quarterly report.
The Relative Strength Index (RSI) Confirms positive value speed With readings above 60, but remains below Bought more area, giving the stock plenty of room to rally further ahead.
Let’s identify several key overhead areas on GameStop’s chart to watch and also point out some important ones Levels of support That can come into play during retracement.
An initial move higher share test can see key overhead opposition Around $31, a level where they may face selling pressure near a trendline that connects to the previous month. swing high With a comparable range of price points while meme-driven volatility During May and June.
A judge to break A break above that price could spark a rally to the $40.50 level. Investors and traders who bought stocks at lower prices may try to offload shares around those prices.
