Hi Ya'll
Gonna keep this one short (this pun though...)
Multiple patterns and indications that GME is way too oversold and that the pressure is not coming from inside GME itself but from externals like ETFs containing GME like the IWF or GAMR or XRT as well as SWAPS and other trickery.
Everyone is shorting GME more and more... i think they are going on the 'official' short interest numbers being posted by the likes of S3 and others and they're forgetting that those numbers are self reported with tiny reprecussions to naked shorters...
Reminder that 250% and likely more of GME's float has been bought. Hedge funds aren't interested in covering their shorts, only increasing them and kicking the can on failures to deliver on shares down the road.
About this technical analysis:
I would say that whoever is shorting this so much is putting the financial system at risk, but i know better lol. There's definitely enough money out there for them to fix this infinite short squeeze when it happens and when multiple brokers and clearing houses start defaulting once this pops off. Several tens of thousands can be paid easily, i cannot speak for anything beyond that, but theoretically, it can go to infinity, but nobody truly knows where this can go. My personal bet is anywhere between 12k - 100k +. Again theoretically with the amount of shares they shorted and the amount of times they need to buy the entire float over ( anywhere between 4 and 12 times over), the price of this can go very very very very very very very high.
As usual and as with all volatile stocks, GME will swing wildly UP and DOWN. If you can't handle her at her worst, you don't deserve her at her best. If you're in for a quick buck, get out before you get burned. If you're here to get your character hardened and to make money, welcome fellow ape.
Gonna keep this one short (this pun though...)
Multiple patterns and indications that GME is way too oversold and that the pressure is not coming from inside GME itself but from externals like ETFs containing GME like the IWF or GAMR or XRT as well as SWAPS and other trickery.
Everyone is shorting GME more and more... i think they are going on the 'official' short interest numbers being posted by the likes of S3 and others and they're forgetting that those numbers are self reported with tiny reprecussions to naked shorters...
Reminder that 250% and likely more of GME's float has been bought. Hedge funds aren't interested in covering their shorts, only increasing them and kicking the can on failures to deliver on shares down the road.
About this technical analysis:
- The OBV On Balance Volume indicator shows that no one is actually selling GME and that if anything, more people are buying. This also indicates that GME's price is dropping due to external factors e.g shorting ETFs (IWM, XRT and others).
- There's a decently sized bullish wedge almost ending, as expected, hedge funds want to milk this as much as possible and will settle with nothing less other than GME at the ABSOLUTE bottom of the range of this bullish wedge. I have doubts they can drop it below the range of the bullish wedge, but i don't put it past them. Regardless, now would be the absolute worst time to sell if you were thinking of paperhanding but it the absolute best time to buy in my opinion. (If you haven't yolo'd everything in GME already lol)
- RSI basically showing that GME is oversold e.g it's time for it to reverse upwards. Is it going to rocket up? No one knows. Maybe. Or maybe it'll just go up a bit. Again no one knows. I recon it's gonna rocket, but that's just my dumbass opinion based on nothing. The facts are that RSI says it is indeed oversold, so there.
- There's some common historic support between GME and the ETF that tracks it (IWM) the Russel 2000. We're exactly at that support right now. This is where we either consolidate for a week before launch or this is where we simply just reverse upwards. There's always the small chance of breaking slightly below this range, but as with all fake breakouts downwards to shake more weak hands, it'll be a fake shakeout that won't last long and is more likely to be a dip buy.
I would say that whoever is shorting this so much is putting the financial system at risk, but i know better lol. There's definitely enough money out there for them to fix this infinite short squeeze when it happens and when multiple brokers and clearing houses start defaulting once this pops off. Several tens of thousands can be paid easily, i cannot speak for anything beyond that, but theoretically, it can go to infinity, but nobody truly knows where this can go. My personal bet is anywhere between 12k - 100k +. Again theoretically with the amount of shares they shorted and the amount of times they need to buy the entire float over ( anywhere between 4 and 12 times over), the price of this can go very very very very very very very high.
As usual and as with all volatile stocks, GME will swing wildly UP and DOWN. If you can't handle her at her worst, you don't deserve her at her best. If you're in for a quick buck, get out before you get burned. If you're here to get your character hardened and to make money, welcome fellow ape.