The overall trend is down so I would need to see a strong push to break this trend. It has ramped up this last month but is closing in on resistance. Hourly charts would probably be the safer play for longs but don't be afraid to get out if it closes below 36.
As the days march on it will be pinched off and be forced to move one way or the other. Time will tell....
looking for a turnaround here after ABC pattern may retest highs at 55-57
huge risr reward
1st target 43.5 close gap
2nd target 47.5
stop at close below 35
GL
pros:
Playstation 4 sales great
XBOX One coming out
Call Of Duty Ghosts
GTA V broke industry sales record
Holiday season approaching
women gaming population increasing
Cons:
Holiday sales rev AFTER earnings
games getting pushed back
potential downfall in economy
luxury item, not essential
Ebay and Amazon
GME consolidation after a big move up, ready for a breakout of the flag. If it breaks watch movement through the 3 swing points I highlighted at $51.36, $53.29 and 52 week high of $56.08. Also supported by its 50 dma in today's session.
Gamestop is on an up rampage. It has been going North since August of last year and is in a cosolidation phase. Support for this phase is 48.65 and the upper end of this range is 53. Buying near support will minimize your risk.
HAPPY TRADING!
