GME stock seems to be following a declining momentum and lost 32.68% of its trading price in the yearly time frame. On September 2, 2022, GameStop Corp.’s share price was above $27 and at press time its price was $18.42.
Will GME Stock Continue to Decline?
At the time of publication, GME stock was trading below the 20, 50, 100, and 200-day exponential moving averages. Despite long-term losses, it added 11.64% to its trading price.
A major decline in GameStop Corporation’s market capitalization is seen in the past 52-week time frame. In the meantime, the company’s market cap was $5.61 Billion which makes it the 2330th most valuable company.
From August 25 to August 31, 2023, GameStop Corporation’s stock trading volume reflected the majority of aggressive buyers rather than sellers. During this time, a surge of 12.78% in the GME stock trading price was seen.
GME stock showed a reversal from the support of $15 and may reach toward the 50-day EMA. The RSI curve showed a bounce from the oversold region indicating a positive crossover on the charts suggesting a further extension of gains.
The MACD indicator showed a bullish crossover and indicates a positive outlook based on the pullback in the past sessions indicating buyers’ accumulation on the charts. Even after long-term negativity, GME stock price succeeded in overruling its annual price target of $13.10 and now trading 28% above the target.
GameStop Corp. offers games and entertainment products through its e-commerce properties and stores.
According to TradingView, 265.546 Million GME shares are free-floating and the remaining 39.205 Million shares are closely held either by financial backers of the company or the board of members.
GameStop Corporation Financial Updates
GameStop Corporation scheduled the next quarterly earnings on September 6, 2023. Market analysts estimated an EPS of -0.14 and revenue of $1.141 Billion.
If the company succeeds in meeting the analyst estimate then GME share price may react positively and the possibility of taking a U-turn will increase.
Technical Levels
Major support: $16.18 and $15.70
Major Resistance: $19.42 and $20.38
Conclusion
GameStop Corporation showed a bullish crossover and indicates a positive outlook based on the pullback in the past sessions indicating buyers’ accumulation on the charts. Even after long-term negativity, GME stock price succeeded in overruling its annual price target of $13.10 and now trading 28% above the target.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/09/02/gamestop-corp-will-buyers-upsurge-help-gme-stock-beat-20-day-ema/