GME Stock Gains, May Outperform to Reach $30 Mark

GameStop Corp. GME stock is said to recover and reach the $30 mark if it breaks out of some interesting levels. Meanwhile, GameStop stock price has declined up to $18.18 and is currently trying to adapt to a strong upside trend over the daily time frame chart. GME shares must accumulate more buyers in order to recover till the $19.50 primary resistance level.

Navigating the Path to $30: GME Stock Roadmap and Potential Strategy

Analysts do believe that if GME stock price recovers with strong uptrend momentum and outperforms the market by the end of this week, then GameStop shares may reach $19.50 to register its breakout. After that, GME share price needs to sustain above $19.50 to continue its recovery towards the $24.35 secondary resistance which is the second milestone, according to analysts from an esteemed financial firm.

Moreover, if GME stock price sustains above $24.35 resistance then it may reach the $27.75 recovery level following a mild consolidation. Then investors in GameStop Corp. need to wait until GME shares sustain above $27.75 and reach the $30 mark. Nevertheless, investing in any security depends on certain market conditions and investors are advised to be very cautious while investing.

GameStop’s stock price was at $18.48 and has gained slightly around 0.65% during Monday’s trading session. Trading volume was above average suggesting the higher accumulation rate of buyers during the intraday trading session. This demonstrates that buyers need to maintain the accumulation rate on Tuesday’s trading session for GME shares to recover with a strong upside trend.

GameStop Corp. (NYSE: GME): Will GME Return From Oversold Zone?

GME stock price is trading below the 20, 50, 100, and 200-day daily moving average. However, the accumulation rate of buyers needs to be maintained during Tuesday’s trading session for GME to surge and recover maximum.

Over the span of a week, GameStop’s stock has experienced a decrease of approximately 6.43%, and this decline has been steeper over the course of a month, reaching around 19.83%. Looking back over a three-month period, GME shares have dropped by about 22.65%, while the decline extends to around 9.99% over the last six months. Furthermore, the stock’s performance throughout the year has been lackluster, with a year-to-date slump of approximately 0.86%.

Technical indicators suggest that GME shares are being oversold. The relative strength index confirms the presence of GME stock in the oversold territory. Moving average convergence divergence shows the sustainability issues of GameStop.

RSI was at 25 and is preparing its return from the oversold territory. The MACD line can be seen below the signal line waiting for a positive crossover. Investors in GameStop Corp. (NYSE: GME) need to wait until the GME stock price gains a strong upside trend.

Summary

GameStop Corp. GME stock is said to recover and reach the $30 mark if it breaks out of some interesting levels. Moreover, if GME stock price sustains above $24.35 resistance then it may reach the $27.75 recovery level following a mild consolidation. Furthermore, the stock’s performance throughout the year has been lackluster, with a year-to-date slump of about 0.86%. Technical indicators suggest that GME shares are being oversold.

Technical Levels

Support Levels: $54.88 and $54.15

Resistance Levels: $57.45 and $59.50

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing