GME
Why hasn’t #Wallstreetbets save their fanboys?
GME Weekly chart analysis
Let’s compare 2021 vs 2022
Pretty clear and straight forward.
2021
Two green weeks mid Jan.’21 sent price flying from 9.75 to high of about 120.65.
Since then, GME has done nothing but make a series of Lower Highs into Support area @ 37.95-45.55.
These Lower highs into support area displayed the weak buyer pressure by bulls. A bearish Descending Triangle was formed.
After 10 months of failing to break a high, in Nov.’21 Bulls did the unexpected and “broke out” of the Triangle looking to continue the previous up-move.
This “Breakout” was short lived as the pressure from the sellers overwhelmed the buyers. Price was shot back down below Triangle breakout point. The “breakout” move was deemed a “False breakout/Price rejection”.
In Dec.’21, the false breakout was followed by price breaking down below Support area @ 37.95-45.55 and the 50 ema. This is the 1st time since Aug.’20 that price falls below and lost Support of 50ema.
All of 2021 was spent by the Bulls/Buyers trying to fight off the Bear/seller pressure and trying to stay above Support area @ 37.95-45.55 and the 50 ema.
They were systematically broken down and eventually overwhelmed and conquer by the Bears/Sellers.
2022
After breaking down from Support area @ 37.95-45.55 and the 50 ema, by end of Jan.’22 price made a Lower Low and found new Support @ 22.20.
From Support @ 22.20, price bounced are looked to break back above Support area @ 37.95-45.55 and the 50 ema.
Price failed to stay above previous Support and was rejected back down to 22.20. Support area @ 37.95-45.55 and the 50 ema were turned into Resistance area/level.
Price bounced one move time from Support @ 22.20 to Support turned Resistance area @ 37.95-45.55. We have a Price rejection pattern here. This is cue to enter trade short.
The Bulls/Buyers have spent all of 2022 moving sideways between new Lower Low/Support level @ 22.20 and previous Support turned Resistance area @ 37.95-45.55 and the 50ema.
After a hot 2 weeks in Jan.’21 that saw price fly from 9.75 to 120.65, GME has now spent 81weeks moving side-ways with the Bears/sellers systematically breaking down the Bulls/Buyers.
Now with the 2nd price rejection @ Resistance area @ 37.95-45.55 and the 50ema, Bears will look to move price back down to Support @ 22.20 and then breakdown to Support area @ 9.75.
Why hasn’t #Wallstreetbets put their powers together again and save the bleeding out GME bag holding fanboys still talking about “going to the moon”?
Sad to see them let the fanboys over @ AMC get cooked earlier this week.
With extreme bear conditions and price siting at “area of value”, I will be entering trade short.
Short term trade
Entry: 33.53
Stop loss: 22.20(-22.98%)
Target: 22.20, +33.93%, +1.48 RR ratio
Long term trade
Entry: 33.53
Stop loss: 52.50(-56.76%)
Target: 10.00, +70.14%, +1.24 RR ratio
Why hasn’t #Wallstreetbets save their fanboys?
GME Weekly chart analysis
Let’s compare 2021 vs 2022
Pretty clear and straight forward.
2021
Two green weeks mid Jan.’21 sent price flying from 9.75 to high of about 120.65.
Since then, GME has done nothing but make a series of Lower Highs into Support area @ 37.95-45.55.
These Lower highs into support area displayed the weak buyer pressure by bulls. A bearish Descending Triangle was formed.
After 10 months of failing to break a high, in Nov.’21 Bulls did the unexpected and “broke out” of the Triangle looking to continue the previous up-move.
This “Breakout” was short lived as the pressure from the sellers overwhelmed the buyers. Price was shot back down below Triangle breakout point. The “breakout” move was deemed a “False breakout/Price rejection”.
In Dec.’21, the false breakout was followed by price breaking down below Support area @ 37.95-45.55 and the 50 ema. This is the 1st time since Aug.’20 that price falls below and lost Support of 50ema.
All of 2021 was spent by the Bulls/Buyers trying to fight off the Bear/seller pressure and trying to stay above Support area @ 37.95-45.55 and the 50 ema.
They were systematically broken down and eventually overwhelmed and conquer by the Bears/Sellers.
2022
After breaking down from Support area @ 37.95-45.55 and the 50 ema, by end of Jan.’22 price made a Lower Low and found new Support @ 22.20.
From Support @ 22.20, price bounced are looked to break back above Support area @ 37.95-45.55 and the 50 ema.
Price failed to stay above previous Support and was rejected back down to 22.20. Support area @ 37.95-45.55 and the 50 ema were turned into Resistance area/level.
Price bounced one move time from Support @ 22.20 to Support turned Resistance area @ 37.95-45.55. We have a Price rejection pattern here. This is cue to enter trade short.
The Bulls/Buyers have spent all of 2022 moving sideways between new Lower Low/Support level @ 22.20 and previous Support turned Resistance area @ 37.95-45.55 and the 50ema.
After a hot 2 weeks in Jan.’21 that saw price fly from 9.75 to 120.65, GME has now spent 81weeks moving side-ways with the Bears/sellers systematically breaking down the Bulls/Buyers.
Now with the 2nd price rejection @ Resistance area @ 37.95-45.55 and the 50ema, Bears will look to move price back down to Support @ 22.20 and then breakdown to Support area @ 9.75.
Why hasn’t #Wallstreetbets put their powers together again and save the bleeding out GME bag holding fanboys still talking about “going to the moon”?
Sad to see them let the fanboys over @ AMC get cooked earlier this week.
With extreme bear conditions and price siting at “area of value”, I will be entering trade short.
Short term trade
Entry: 33.53
Stop loss: 22.20(-22.98%)
Target: 22.20, +33.93%, +1.48 RR ratio
Long term trade
Entry: 33.53
Stop loss: 52.50(-56.76%)
Target: 10.00, +70.14%, +1.24 RR ratio
Comment:
this idea would've had 500 "likes" had it been a "Long" idea and a failed one.
So far so good, we should bee hitting the short terms target soon
So far so good, we should bee hitting the short terms target soon
Trade closed: target reached:
Target#1 : 22.20, +33.93%, +1.48 RR ratio
Comment:
this gets destroyed at earnings
Comment:
gotta love the slide
Comment:
this one has aged so right and the fanboys hated me for it. Just a little over $2 to reach long term target and 70% gain. In all, 100% gain
Trade closed: target reached:
Target: 10.00, +70.14%, +1.24 RR ratio
bye bye GME. Maybe I'll take a short to 4.35.
bye bye GME. Maybe I'll take a short to 4.35.
this garbage on a land slide