GameStop (NYSE:GME) is on the watch list because I still enjoy watching it trade. As you know, there are no fundamentals to support such a rally, and I'm almost sure that will end badly for a lot of newbie traders that are not aware of how the stock market works in euphoric times. Investors who buy on hype can be left holding the bag. GME remains a highly liquid, volatile stock that can be utilized to make quick profits. There is nothing wrong playing this stock, as there will be a firm bunch of believers buying into this hype, but be sure not to be holding this when the music stops, and the chart seems to be saying that the music is about to STOP. If you're new to trading, avoid this battle between giants where only you will lose, they know very well when to exit, you not. this article is just to help you, because in the past I was also a victim of these schemes. The stock is very overpriced for the results it delivers. Please consider this a friendly message. Never believe the hype. Enjoy it, But never believe it. Just trade it and you’ll do just fine. From a technical standpoint, the stock is very overbought and over hyped. The stock will fall sooner than later. The RSI history speaks louder. Notice that everytime the RSI hits near 90 it drops. I would like to end this article saying that i know how to manage a losing trade, but most of you do not. Don't be greedy / play smart. Good luck all.
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can you just imagine the losses between GME, BB, BBBY? I actually feel bad for those folks. Many newbies sucked up into that stuff.
I would like to know what this sentence is based on "the chart seems to be saying that the music is about to STOP." Because for me this is not the case. I agree with you, that we might see this break down and that it can basically happen any moment. But i think that the latest rally showed that GME has more in it and that a mega squeeze might happen soon.
1. The stock broke a strong resistance around 36-43
2. The stock didn't break down around 50 which many anticipated
3. The stock is currently above 60 which was the previously all time high and resistance.
4. Short interest is still crazy high and as far as i know it hasn't decreased yet.
So when you say there is no fundamentals to what is happening nor a rally, i don't agree with you. There is alot of good reason why this shortsqueeze not is over yet. If the stock can hold above 50-60 in the coming days, then there is no limit to how high it can go.
Kris6262
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@Kris6262, and next time you write a sentence like that you should elaborate.
bigpeepee
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@Kris6262, just another condescending person talking sh*t. "Newbies" "if youre new" "I know how to manage" "They know very well when to exit". Not even once does he mention a trading plan. Not even a hypothetical one. He just talks about "RSI over 90". Bro anyone whos seen a chart knows RSI can keep extending. No one knows the top, no one knows the bottom. OP needs to stfu or post a plan
Kris6262
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@bigpeepee, yes bro i totally agree with you. I am so tired of looking at these analysis made by amateurs, who don’t know jack shit about what they are talking about! I respect that you can be a beginner trying to make a good analysis and back it up with technicals and arguments. But this shit man... It is just pure speculations and statements without any kind of backup! I am about to vomit when i read this..
SmoothJB
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@Kris6262, well if you dont like my analysis then dont ...
Kris6262
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@bigpeepee, and then look who comments and agrees on this "Letsbemillionairs". Go look up his latest two analysis on GME. I am laughing so hard bro :D (please go look at them for real)
SmoothJB
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@Kris6262, what did i say about GME...see it for yourself.....big red candle downward on daily..:-)
SmoothJB
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@bigpeepee, can you just imagine the losses between GME, BB, BBBY? I actually feel bad for those folks. Many newbies sucked up into that stuff.
SmoothJB
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@Kris6262, well you can see for yourself what happened....and if you dont like my analysis then you dont have to see it . plain and simple..
1. The stock broke a strong resistance around 36-43
2. The stock didn't break down around 50 which many anticipated
3. The stock is currently above 60 which was the previously all time high and resistance.
4. Short interest is still crazy high and as far as i know it hasn't decreased yet.
So when you say there is no fundamentals to what is happening nor a rally, i don't agree with you. There is alot of good reason why this shortsqueeze not is over yet. If the stock can hold above 50-60 in the coming days, then there is no limit to how high it can go.