Who knows where GME will end up in the future.
Short interest is either back to a normal percent or being underreported and there is a negative beta which is super weird. There are still plenty of $800 contracts for the 19th and decent Q4 earnings for 2020 coming up on the 23rd. Earnings could be a potential price mover, but in my current opinion GME will not see much upward movement unless some of shady shenanigans come to light. If all the current information being reported is correct, anyone long on the stock may have to rely on fundamentals of the company instead of hoping for a potential short squeeze.
From the looks of it, GME is filling out an ascending broadening wedge pattern. If volume stays low and buying pressure continues to dwindle, it's likely this pattern will fail and GME will return to its previous support (listed as failure point 1).
If all the speculation about the 19th is correct and the earnings call spikes the price, GME may see a move up to the previous high. At that point GME could get rejected at the previous high and lead to double top rejection (listed as failure point 2).
If the price regains support at the bottom of the wedge there could be another wave upward and confirm the ascending broadening wedge pattern.
All that being said GME has had some weird movements, decreased buying pressure, low volume , and high volatility in the past two weeks leading me to believe there is still some unhealthy schemes waiting in the shadows. So who really knows...
(Not financial advice)
Short interest is either back to a normal percent or being underreported and there is a negative beta which is super weird. There are still plenty of $800 contracts for the 19th and decent Q4 earnings for 2020 coming up on the 23rd. Earnings could be a potential price mover, but in my current opinion GME will not see much upward movement unless some of shady shenanigans come to light. If all the current information being reported is correct, anyone long on the stock may have to rely on fundamentals of the company instead of hoping for a potential short squeeze.
From the looks of it, GME is filling out an ascending broadening wedge pattern. If volume stays low and buying pressure continues to dwindle, it's likely this pattern will fail and GME will return to its previous support (listed as failure point 1).
If all the speculation about the 19th is correct and the earnings call spikes the price, GME may see a move up to the previous high. At that point GME could get rejected at the previous high and lead to double top rejection (listed as failure point 2).
If the price regains support at the bottom of the wedge there could be another wave upward and confirm the ascending broadening wedge pattern.
All that being said GME has had some weird movements, decreased buying pressure, low volume , and high volatility in the past two weeks leading me to believe there is still some unhealthy schemes waiting in the shadows. So who really knows...
(Not financial advice)