There's a possible trade here on GME. We're at critical resistance, and seeing an initial rejection. The daily RSI, as well as the MACD are looking bullish. We may see a breakout above the triangle, leading to another epic short squeeze near the ATH. Having said that, this would be a good time to trade extremely tight stops, as the broader market is potentially on the verge of a correction, and GME would take a hard hit toward the lower band of the triangle, if one were to materialize.
The SI % in GME is insane. % of the float as well higher than 100% for institutional and possibly higher than 100% for retail, though that is yet not precisely known. Just saying.
Hedge_Of_The_World
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@Xandrul01, The short float as a percentage of shares outstanding is currently 19.55%, and around $1.5 Billion as of March 31st. It was around $12 Billion before the first epic squeeze. Having said that, even at 19.55%, we could see another large squeeze if resistance breaks. My concern here would be a broader market correction, and the implications of that on the high beta spectrum. In a broad correction, GME could see a revisit of the lower band of the triangle.
ryanwiggles
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@Hedge_Of_The_World, you are trusting the info of self reported losers? so much more to consider here
matthewmoore2313
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@Hedge_Of_The_World, The hedge funds are creating synthetic shares to short by purchasing deep OTM Puts and Calls and shorting those shares connected to the contracts. This artificially pushes the price down and leads short interest to a minimum of 150%. Also, the hedge funds get fined constantly for not providing correct information, but the fines are too small for them to care about.
Rawkoala
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Nice analysis! GME is complicated to trade due to huge volatility!
deadsquare214
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Solid work. I dont see anything bullish tho haha. Although, I guess what your point here is if it breaks the topside of the triangle then it could be another rocket upwards. Personally im expecting ~$50 a share eventually without another craze happening for the stock regardless of major market trends. Whoever Cohen's Ibanker is, they are a genius tho for sure.
Hedge_Of_The_World
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@deadsquare214, Thanks! So true, I agree. The only upside here is a squeeze on the technicals. The company is a bit hollow from a fundamental stand point. You know the game with these meme stocks. on top of that, we have the broader market about to correct. It's a risky trade to say the least. I'd sell into strength and move on (if I were long).