GameStop touches SMA resistance - Analysis - 03-06-2022

Economies.com
2022-06-03 12:16PM UTC

GameStop's stock (GME) rose in the last session, touching the resistance of the 50-day SMA, amid the dominance of the downward correctional medium-term trend, with negative signals from the RSI after reaching overbought levels, hinting at negative divergence, and doubling negative pressures, marking a profit of 10.38%, or 12.60 points, and settling at 134.00, with trading volumes approaching 7 million shares, above 10-day averages of 5.7 million shares. 

 

The gains came even after the retailer reported a loss of $2.08 per share, up from $0.45 last year, with the company refusing to provide an outlook once more.

 

Therefore we expect the stock to return lower, targeting the support of 77.58, provided it settles below the resistance of 148.20. 

 

Expected trend for today: Bearish

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