Boeing buoyed by an important support - Analysis - 13-05-2022

GameStop's stock (GME) spiked over 32% at the start, peaking at $108.05 with trading stopped on the stock four times, before closing up 10.13%, or 8.24 points, at 87.57, with trading volumes surpassing 10 million shares, above the 10-day average of 3.2 million shares. 

The gains came after the support of 77.58 held on, lending it positive momentum with positive signals from the RSI after reaching oversold levels, with the stock trying to recoup previous losses and vent off oversold saturation, amid the dominance of the downward correctional trend in the medium term, with negative pressure from the 50-day SMA.

Therefore we expect the stock to return lower, targeting the support of 38.50, provided the support of 77.58 was breached.

Expected trend for today: Bearish