The weekly chart actually looks solid here on log scaling. It can be perceived as a cup and handle or a tightening flag with decreasing volume. Either way, these formations usually indicate an upcoming breakout and if its anywhere near as big as the last two run ups, 800 is a fair pt.
Given how GME traded last week, I think it might be an early sign that it's getting some upward momentum. It managed to create a higher low on Monday and Tuesday compared to the earning's low and the price got really tight. Wednesday was the first decent pop in over two weeks with the highest volume its had since the day after earnings. Thursday and Friday were a bit disappointing but they did not take away all of Wednesday's gains and the price tightened to slightly above 150.
I think it's important that Monday starts off strong and it would be extremely bearish if it crashes through 130 and closes around the earning's low or lower. Unless it rebounds sharply and forms a strong daily wick, I think it would invalidate the entire setup and it would be time to fold.
I'm personally holding a few April 30th calls since Friday, GME to the moon!
Given how GME traded last week, I think it might be an early sign that it's getting some upward momentum. It managed to create a higher low on Monday and Tuesday compared to the earning's low and the price got really tight. Wednesday was the first decent pop in over two weeks with the highest volume its had since the day after earnings. Thursday and Friday were a bit disappointing but they did not take away all of Wednesday's gains and the price tightened to slightly above 150.
I think it's important that Monday starts off strong and it would be extremely bearish if it crashes through 130 and closes around the earning's low or lower. Unless it rebounds sharply and forms a strong daily wick, I think it would invalidate the entire setup and it would be time to fold.
I'm personally holding a few April 30th calls since Friday, GME to the moon!
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I just went through some posts on GME and I have to mention that log scaling is necessary for this stock. When something goes from 3$ to 500$ in less than a year(or basically any timescale), putting a scaling based on percentage is necessary to not squeeze out the past.
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GME needs to hold this gap fill.
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Solid move in the after hours. I bought more calls this morning exp. 5/7
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Here's the 4hour chart with pre & post market hours trading added.
