GME Gamestop is launching a marketplace for NFTs, reported the wall street journal.
GameStop is also reportedly creating partnerships with two crypto companies to “share technology and co-invest in the development of games that use blockchain and NFT technology, as well as other NFT-related projects”.
The stock bounced from a strong support and is heading to the $225 resistance.
The GME price increase is due to the forced covering of GME FTDs in the XRT ETF. WSJ is spreading misinformation to prevent FOMO from piling in knowing it is a forced covering of FTDs.
Noob35
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@vanzylik, yup, there wasn't any news from Game Stop. Now some news outlets are complaining that GME is not living up to the fake news . Too soon to tell just yet. LFG
friendlyCardin78113
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Glad someone is saying this. The “news” had nothing to do with it
TopgOptions
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@vanzylik, interesting opinion! thanks for sharing!
pechi123
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Examining today's price action it's not conclusively bullish, despite it went to 176 in the post market on news the regular session high is merely 6 cents above the 12/21 high, the high made after the 12/14 low 139.50. Today's low is merely 25 cents above yesterday's high, however there is a gap and that should mean something unless it gets closed, closing the gap will prove it's not a breakaway but a fake out and the high is merely a 4th wave correction within a bear market. If the gap means something then the next move should break today's high, lingering in this trading range for days/weeks could mean a bearish contracting triangle is developing in the 4th wave position and will thrust lower under yesterday's low to complete an initial 5 waves. Yesterday's low is crucial if a triple ZigZag ended there in 3 waves (145.22, 139.50, 121.14) all within the bullish engulfing bar of 3/25 (setup for 344.66 high) wherein the low is 116.90, yesterday was the deepest plunge into that bar. However, trading on news is a losing proposition, many times the price action is reversed, all of those who bought in the post market yesterday are now at a loss. News about a long anticipated event the NFT isn't bullish especially in the midst of a major Crypto correction, in fact it's bad timing by the company and the concept is a change of the business model, changes in business models means the company is in trouble. The rate or acceleration off today's low so far is unimpressive, if the gap is closed it's an exhaustion gap on news much like what happened to SPCE on 6/25 where on a much anticipated news event it gapped up to it's high 57.29 (6/25) that proved to be either wave B or wave 2 under the 2/4 high 62.80. there were price predictions way up over $100, everybody got into echo chambers to hold hands and reassure each other, that stock recently traded to $11.30. As I complete this commentary, GME has now broken into yesterdays' trading range, not a good sign.