GME back-tested the recent break-out of the descending wedge and held/bounced during the Thursday/Friday trading sessions last week. Bullish.
Price is also finding support on the 0.382 fib level here. This fib was important on the way down as GME held/bounced along it at least 3 times on the down wave, and this general price zone has been important for this equity post sneeze providing significant support & resistance. Firefly (AFL momentum /volatility indicator via Lazybear) is trending bullish (14/3 setting) and GMEs price has bounced up +10% or more at the +/-65 level on 3 prior runs - see indicator on chart. A little more AFL Firefly Info here: www.wisestocktrader....or-for-amibroker-afl
Confirmation of a near-term bottom is supported via RSI 2 Strategy Lower Indicator (Chris Moody) which hit the short term buy signal on the daily last Friday. More information on this indicator is found in the community scripts on TV, where CM describes it as follows: The RSI-2 Strategy is designed to use on Daily Bars, however it is a short term trading strategy. The average length of time in a trade is just over 2 days. But the results CRUSH the general market averages. My take is historically this indicator has not been a slam dunk for GME but has accurately identified several near-term bottoms including the decisive March 14th low and thankfully helped convince me to add several shares then at ~$88.
Further, the 100-day MA is hovering around $140 level providing additional support for GME and is just below Friday's closing price of $146.xx.
Spec paly = buy OTM call(s) in $155/$160 range on a "typical" AM price mash that takes GME down near 100-day MA with a fairly near term/cheaper exp. date and sell call on the anticipated bounce OR just buy/hold shares...
Max pain currently listed as $145 for 4/14 and $132 on 4/22 - so much caution is warranted. maximum-pain.com/options/gme
Not financial advice.
Price is also finding support on the 0.382 fib level here. This fib was important on the way down as GME held/bounced along it at least 3 times on the down wave, and this general price zone has been important for this equity post sneeze providing significant support & resistance. Firefly (AFL momentum /volatility indicator via Lazybear) is trending bullish (14/3 setting) and GMEs price has bounced up +10% or more at the +/-65 level on 3 prior runs - see indicator on chart. A little more AFL Firefly Info here: www.wisestocktrader....or-for-amibroker-afl
Confirmation of a near-term bottom is supported via RSI 2 Strategy Lower Indicator (Chris Moody) which hit the short term buy signal on the daily last Friday. More information on this indicator is found in the community scripts on TV, where CM describes it as follows: The RSI-2 Strategy is designed to use on Daily Bars, however it is a short term trading strategy. The average length of time in a trade is just over 2 days. But the results CRUSH the general market averages. My take is historically this indicator has not been a slam dunk for GME but has accurately identified several near-term bottoms including the decisive March 14th low and thankfully helped convince me to add several shares then at ~$88.
Further, the 100-day MA is hovering around $140 level providing additional support for GME and is just below Friday's closing price of $146.xx.
Spec paly = buy OTM call(s) in $155/$160 range on a "typical" AM price mash that takes GME down near 100-day MA with a fairly near term/cheaper exp. date and sell call on the anticipated bounce OR just buy/hold shares...
Max pain currently listed as $145 for 4/14 and $132 on 4/22 - so much caution is warranted. maximum-pain.com/options/gme
Not financial advice.