GameStop Corp.’s GME stock price is predicted to form a high around the release of the movie named Dumb Money. The GameStop movie is based on the book The Antisocial Network from Ben Mezrich. The movie is slated to release on October 20, 2023. The Gamestop movie stars big names including Paul Dano and Seth Rogan. The GameStop movie, Dumb Money, tells the story of the GameStop short-squeeze fiasco.
GameStop Corp. also announced that the reports for the fourth quarter and full fiscal year 2022 will be released after the market closes on March 21, 2023. It is also scheduled to host an investor conference call to review the released results. Many analysts predict that the results of the reports might cast a shadow over the movie and the price.
GameStop as Lead in Dumb Money
A star-studded movie that moves around the GME stock fiasco. The movie is scheduled to hit the big screen on October 20, 2023. The retailer has laid off several employees in recent years and has dropped the shutters on some stores to cut costs. The attempt to do so was, however, not successful, and somehow, the users were unable to pump the GME stock price.
The whole occurrence became national news in no time and he drama was almost palpable on Social media. Of course, Hollywood had to make a movie about the whole incident! The creators of the movie managed to keep all shoots of the movie a secret in a bid generate hype. GME stock price could definitely piggy back on these developments.
GME Stock Price Action
GME stock price seems to follow a declining streak at the moment. GME stock price lost 1.54% in the intraday session. Volume indicates tepid participation. The stock price could display rising patterns around the time of the trailer launch and near the premier date.
GME stock price faced rejection at the second level of retracement, but the forecasted rally can break higher levels, even. Once the third level is breached, it can aim for $35. The RSI falls closer to the floor range to reflect increasing seller dominance. The MACD formed a narrow negative cross-over, recording a streak of seller action.
Conclusion
GME stock price saw a fall temporarily, but is likely to surge around the he premier date. The controversy in the movie is what may create a proper hype and influence the GameStop stock price in favor of the investors. The scheduled revenue report could also impact the GME price in the short term.
Technical levels
Support levels: $15.98 and $10.17
Resistance levels: $23.25 and $27.73
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 assets 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/2023/03/11/gme-stock-price-as-protagonist-in-gamestop-movie-dumb-money/