GME Breakout 07/09/2024
Technical Analysis Short Summary:
Analyzing
GME on the 1D time frame and cannot help notice how tight this chart is getting inside of this macro trend on the Daily.
As you can see, since May of this year,GME has been trading in this specific range. You will notice that any time it breaks this trend with relative strength it seems to make a parabolic move to the upside, while holding that bottom trend perfectly since the first breakout at the beggining of the month of May. There isnt much time left for this stock to consolidate in this range so I predict there is going to be another massive volume spike any day now.
Some bullish factors to take account of specifically would be:
1. the stock is trading above the 200sma on the Daily timeframe as well as the Monthly time frame.
2. The ADR % is currently at 16.58 at the time of this post.
3. Getting tighter within the range and has to pick a direction soon.
4. IF it can break 26.64 with relative strength on the weekly frame then that too will be above the 200sma which we can see a. massive move from.
5. Volume dying down while price is trading sideways.
6. I like the stock
In short I would watch for a strong break of 26.64 for longs, and 23.11 for shorts. As always be safe! NFA.
Analyzing
GME on the 1D time frame and cannot help notice how tight this chart is getting inside of this macro trend on the Daily.As you can see, since May of this year,
GME has been trading in this specific range. You will notice that any time it breaks this trend with relative strength it seems to make a parabolic move to the upside, while holding that bottom trend perfectly since the first breakout at the beggining of the month of May. There isnt much time left for this stock to consolidate in this range so I predict there is going to be another massive volume spike any day now. Some bullish factors to take account of specifically would be:
1. the stock is trading above the 200sma on the Daily timeframe as well as the Monthly time frame.
2. The ADR % is currently at 16.58 at the time of this post.
3. Getting tighter within the range and has to pick a direction soon.
4. IF it can break 26.64 with relative strength on the weekly frame then that too will be above the 200sma which we can see a. massive move from.
5. Volume dying down while price is trading sideways.
6. I like the stock
In short I would watch for a strong break of 26.64 for longs, and 23.11 for shorts. As always be safe! NFA.
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