Looking at Gamestop (GME) on the weekly charts I wanted to see where it is going in the long and short-term.
On the left side we see the massive rally in early 2021 hitting the all time high of $483 and pulling back to around $320.
Then in March and June we see to breakouts but failed attempts to take out new all time highs. You see the long upper wicks pulling back and holding support at $150
To the last couple weeks we also see the long upper wick and resistance at $200. The volume has also increased the last 2 weeks.
Price currently is overextended from the moving average so combined with the resistance and the bearish upper wick it does lean more to the bear side but $150 support needs to hold.
Although GME has gone on a bit of a breakout of late this weekly chart is leaning to more downside.
Three things I will be watching for are, one if the volume keeps increasing that is a great sign, two if $150 support holds and lastly I would need to see GME back above the strong $200 resistance for me to be confident in this for long term holds. For now I will play it short-term long and short.
On the left side we see the massive rally in early 2021 hitting the all time high of $483 and pulling back to around $320.
Then in March and June we see to breakouts but failed attempts to take out new all time highs. You see the long upper wicks pulling back and holding support at $150
To the last couple weeks we also see the long upper wick and resistance at $200. The volume has also increased the last 2 weeks.
Price currently is overextended from the moving average so combined with the resistance and the bearish upper wick it does lean more to the bear side but $150 support needs to hold.
Although GME has gone on a bit of a breakout of late this weekly chart is leaning to more downside.
Three things I will be watching for are, one if the volume keeps increasing that is a great sign, two if $150 support holds and lastly I would need to see GME back above the strong $200 resistance for me to be confident in this for long term holds. For now I will play it short-term long and short.