GameStop Corp. GME stock price is gaining from the lows of 2021 to surge and reach the $27 mark over the daily time frame chart. GME shares slipped from an interesting pattern in July and slipped till the 2021 lows. However, now GameStop stock price is preparing to break out from the neckline of that pattern which is situated at $27 mark. So if the GME stock manages to recover over the chart, then it may break out of the $27 neckline.
GameStop stock price has been gaining inside an ascending triangle pattern since January 2023 and was not able to break the $27.70 resistance. That was basically the neckline of the ascending triangle pattern but now GME looks confident to surge from the lowest and break the bars by recovering above $27.70 by the end of 2023.
By the end of the year, GameStop stock price may recover above the $27.70. However, GameStop shares underperformed on Wednesday and pulled GME stock price to $13.71 at the time of closing with a slippage of 2.35%. During a generally disappointing trading session in the stock market, the S&P 500 Index (SPX) experienced a decline of 1.43% to reach 4,186.77, while the Dow Jones Industrial Average (DJIA) fell by 0.32% to reach 33,035.93.
Accumulation Required For GME Stock Price to Reach $27 Mark
GME stock price gained through an ascending triangle pattern in the start of 2023 but couldn’t sustain at the neckline situated at $27.70. GameStop stock price slipped instead from the ascending triangle pattern and slipped till the 2021 lows. However, now buyers may accumulate at a higher rate in order to push GME stock price up, towards the neckline.
At first, GME shares need to break out of the $19.50 primary resistance where buyers’ accumulation should be increased to initiate GME share’s recovery towards the $27.70 mark. Through the $24.00 resistance, the stock price may recover and reach the $27.70 mark by the end of 2023. As soon as GameStop stock price approaches the neckline, sellers may overwhelm the buyers, so investors are advised to be very cautious while investing.
GME stock price slipped 2.07% in a week and 19.35% in a month. Moreover, GME lost 40.24% in the last three months and 27.54% in the last six months. Year to date, GameStop Corp shares GME slumped by 26.45%.
Technical indicators suggest that GME shares are trying to be saved from being oversold. Relative strength index (RSI) shows the slippage of GME shares yesterday. RSI was at 35 and is moving towards the oversold territory. However, buyers may accumulate during Thursday’s trading session to continue GameStop share’s recovery from the 2021 lows. Investors in GameStop Corp. (NYSE: GME) needs to wait until GME stock price reaches $19.50 and continues the recovery phase.
Summary
GameStop Corp. GME stock price is gaining since the 2021 lows to surge and reach the $27 mark over the daily time frame chart. GameStop stock price has been gaining inside an ascending triangle pattern since January 2023 and was not able to break out of the $27.70 resistance. By the end of 2023, GameStop stock price may recover above the $27.70 neckline.
Technical Levels
Support Levels: $13.45 and $12.85
Resistance Levels: $14.30 and $15.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/26/gamestop-corp-gme-stock-price-ready-for-a-rebound-to-27-mark/