Since saying anything bad about GME stock makes you a hedge fund insider, I thought I would put what I see on paper. Several bearish indicators in the hourly chart. First the giant double top pattern that signified the incoming massive move down into the current descending triangle. This pattern is likely to break down further, which likely means GME finding support back at its $12-$20 range. Volume is dropping, RSI is dropping and seeing multiple rejections at the 50 line (not to mention the glaring M pattern down through the 50 line that signified the decline), Money Flow has been dropping. The signs of weakness are everywhere. Couple this with MrRenev's post about the short interest growing while the price was above $200 and all indications are there is no more giant short squeeze on the table. Sure there could be little spikes as the short take their massive profit, but this thing is heading down over the next month.
Long term, GME could pivot their business and recover from their current state on life support, but it won't be quick. Price will likely linger below $20 for some months until GME can show some positive EPS then see a slow and steady move up. If you want to be long, wait to enter at a better price than today's 50.xx
@jawkiwiplay, I won't touch this stock with a 10 ft pole, but if I was interested I would still be waiting to buy at or under $30
UnknownUnicorn7131969
⋅
u just confirmed that it is a long term play, what we're talking bout since the beggining
WTFpattern
⋅
@piotr_juskowiak, I never said it wasn't a long term play. The business model they have now is dying and they will need to change fast. New CEO and new strategy is a sign they know it. They were not able to raise any funds off this spike, so they will have to burn through all their cash or take on more debt to make the shift. There is a 5 year play here, but its going to go down before up. All these people who think everything should give 200% returns are out here screaming buy when all the fundamentals are screaming sell. I am not saying not to buy, I am saying prepare yourself to see 0% gain 5 years from now if you buy at this price.
UnknownUnicorn7131969
⋅
@WTFpattern, yeah pretty much that's what going to happen