Good Entry Point for GameStop? Not Just Yet

GME STARTED TO TEST NEW LOWS: STRATEGY SHORT

Sue. This Market seems to be volatile and very difficult to trade. Scalping?Trend? Range Trading?.... Well ... I just look for volume areas, where the market is testing the forme false breakouts... The minor short term has just started.

Overall Average Signal calculated from all 13 indicators. Signal Strength is a long-term measurement of the historical strength of the Signal, while Signal Direction is a short-term (3-Day) measurement of the movement of the Signal.


20 Day Moving Average short
20 - 200 Day MACD Oscillator short
50 - 100 Day MACD Oscillator short



Support & Resistance
3rd Resistance Point 22.40
2nd Resistance Point 21.64
1st Resistance Point 21.03
Last Price 20.42
1st Support Level 19.66
2nd Support Level 18.90
3rd Support Level 18.29

Key Turning Points
52-Week High 47.99
37.17 Price Crosses 9-18 Day Moving Average
35.80 Price Crosses 9-40 Day Moving Average
35.54 61.8% Retracement from the 52 Week Low
33.31 Price Crosses 18-40 Day Moving Average
31.70 50% Retracement From 52 Week High/Low
14 Day RSI at 80% 30.32
27.86 38.2% Retracement From 52 Week Low
13-Week High 27.00
14 Day RSI at 70% 24.71

22.62 38.2% Retracement From 13 Week High
22.26 Price Crosses 18 Day Moving Average Stalls
21.47 14-3 Day Raw Stochastic at 80%
21.29 38.2% Retracement From 4 Week High
21.26 50% Retracement From 13 Week High/Low
21.18 3-10 Day MACD Oscillator Stalls
21.04 14-3 Day Raw Stochastic at 70%
20.67 50% Retracement From 4 Week High/Low
20.56 Price Crosses 40 Day Moving Average
20.21 14 Day RSI at 50%
20.19 14-3 Day Raw Stochastic at 50%
20.15 Price Crosses 18 Day Moving Average
20.05 38.2% Retracement From 4 Week Low
19.91 38.2% Retracement From 13 Week Low
Low 19.51 Low
19.34 14-3 Day Raw Stochastic at 30%
19.08 Price Crosses 9 Day Moving Average
19.00 Price Crosses 9 Day Moving Average Stalls
18.91 14-3 Day Raw Stochastic at 20%
17.81 14 Day %k Stochastic Stalls
17.25 Price Crosses 40 Day Moving Average Stalls
16.60 3-10-16 Day MACD Moving Average Stalls

Comment:

The US Week Ahead
The US CPI Report will impact the EUR/USD on Wednesday. Following the US Jobs Report, a hotter-than-expected US CPI Report would refuel bets on a June Fed interest rate hike.

On Thursday, wholesale inflation and jobless claims figures will also draw interest before consumer sentiment numbers on Friday.

Investors should track FOMC member reactions to the US Jobs Report and the incoming US CPI Report.

According to the CME FedWatch Tool, the probability of a 25-basis point June interest rate hike rose from 0.0% to 8.5%. On Friday, the US Jobs Report drove the modest rise. However, the US Jobs Report wiped out bets on a June Fed interest rate cut.

Comment:

Gold reached its target for the completion of an AB=CD pattern yesterday and has since moved into a retracement. So far, the pullback tested support of the 21-Day EMA line today, with a low for the day at 1,999. Price was rejected from the line to the upside for an intraday bounce. The dip also completed a 78.6% Fibonacci retracement of the near-term upswing. This could be the end of the correction. Nevertheless, lower key support is around the uptrend line, estimated at 1,994 currently, and the 34-Day EMA at 1,985.