Long $GME on increased volume

NickMackintosh Updated   
BATS:GME   GameStop
Long gamestop at a price of $20.31 Based on trading volume with demand at the $20.20 level, looking to take out areas of supply as we recently retested $63.92 earlier this week. Next level would be the $86.17 followed by ATH of $120.75.

Only trade what you can afford to lose! The company is not profitable but has a robust balance sheet and cash on hand.
Brief Update

The levels I marked on the chart were nearly perfect. Over the past 3 weeks, the price rose to a high of $67.50 during after-hours trading on June 6th, where significant selling pressure was present. Note that daily and weekly timeframes don't show after-hours or pre-market trading; you need to use the 4-hour chart to see this.

The price then dropped back down to $28.22, which was a previous resistance level and has now become support.

Expect the next 2 weeks to be extremely volatile due to several upcoming events:

Earnings Release: June 11th
Annual General Meeting: June 13th
Contract Expiry: Over 140,000 call contracts expiring on June 21st

Price Prediction

Short-term Decline: The price may fall further to between $25.25 and $23.07 to fill the gap created on June 3rd.

Upside Potential: Following this, I expect a price run-up past $67.50 and $80 due to the exhaustion of selling orders over the past 4 weeks. Watch for a test of the all-time high (ATH) of $127.01.

I will post a 4-hour chart to show the updated levels.

Price has hit $24 and is between the FTG of $25.25 and $23.07.

If anyone is buying in, now is a good time!


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