GameStop Corporation (GME) stock extended its gains in its latest intraday trading, successfully breaking above the key resistance level of 24.50. This significantly increases the chances of extending the short-term corrective bullish trend, especially with the stock continuing to trade above its previous 50-day SMA, which provides renewed positive momentum. Additional support comes from positive signals in the Stochastic indicators, despite being in strongly overbought territory.
High-risk warning: GME belongs to the so-called “meme stocks,” which are characterized by extreme speculative trading. As a result, the stock’s movement often deviates from technical expectations or financial reports and can sometimes be highly unpredictable.
Therefore, we expect the stock to rise in its upcoming trading, provided it confirms the breakout of the mentioned resistance at 24.50 and holds above it, to then target its next resistance at 28.40.
Today’s price forecast: Bullish.
The price of (ETHUSD) witnessed fluctuated trading in its last intraday levels, amid its attempts to gain bullish momentum and offloading some of its clear overbought conditions on the (RSI), amid the dominance of the minor bullish trend and its trading alongside supportive bias on the short-term basis, taking advantage of its continuous trading above EMA50, reinforcing the stability of the positive scenario on the near-term basis.
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The price of (BTCUSD) declined in its last trading on the intraday levels, gathering the gains of its previous rises, attempting to gain bullish momentum that might help it to recover and rise again, to offload some of its overbought conditions on (RSI), especially with the emergence of the negative signals from them, amid the continuation of the bullish correctional trend on the short-term basis.
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Brent Crude oil prices witnessed sharp decline in their last intraday trading, supported by positive divergence on the (RSI), after reaching oversold levels, with the emergence of the positive signals, surpassing the negative pressure of the EMA50, accompanied by breaching a minor bearish trend line on the short-term basis, providing more of the positive momentum.
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