andrew.berg

GME break up of downtrend

Long
NYSE:GME   GameStop Corporation
Stock came from $16 to almost $58 in year and a half but was sold off on bad earnings results almost 2/3 of it is initial move up. In such a strong tape I think it looks ready for move higher, as it found support at $33 and have built higher highs with consolidation support at $35-$36. It broke downtrend line to the upside with strong, green candle and building nice and tight base above key moving averages wich gives us calculated trade if it triggers above $40.60.
If you are active trader you can use tight stop below base support $39.44. I prefer to give it more room and will put my stop below $38 - break out point and 21/50 EMAs.

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