Long 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.
Only trade what you can afford to lose! The company is not profitable but has a robust balance sheet and cash on hand.
Comment:
Price has hit $24 and is between the FTG of $25.25 and $23.07.
If anyone is buying in, now is a good time!
If anyone is buying in, now is a good time!
The levels I marked on the chart were nearly perfect. Over the past 3 weeks, the price rose to a high of $67.50 during after-hours trading on June 6th, where significant selling pressure was present. Note that daily and weekly timeframes don't show after-hours or pre-market trading; you need to use the 4-hour chart to see this.
The price then dropped back down to $28.22, which was a previous resistance level and has now become support.
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.
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.
I will post a 4-hour chart to show the updated levels.
Cheers!