Gamestop (GME) Stock Price and Forecast: GME steadies but channel still trends lower
Premium|Take advantage of 50% OFF on your first month.
50% OFF and access to ALL our articles and insights.
You have reached your limit of 5 free articles for this month.
Take advantage of the Special Price just for today!
50% OFF and access to ALL our articles and insights.
Subscribe to Premium- GME shares remain strong but lagging other meme stocks.
- GameStop shares in a gradually shrinking range, breakout soon?
- GME stock approaching trendline support at $193.
GameStop shares have stabilized recently in a slight downtrend formation as the stock leaves AMC in the limelight while it ploughs a lone furrow. The original of the meme species has been embarking on its new digital strategy as spearheaded by Ryan Cohen. Since surging to $340 in early June the shares have gradually slid back to near $200. Monday saw GME stock close up just under 2% at $213.25.
Gamestop (GME) statistics
| Market Cap | $15.3 billion |
| Enterprise Value | $11.4 billion |
| Price/Earnings (P/E) | 2,046 based on next twelve months |
|
Price/Book |
31 |
| Price/Sales | 2.6 |
| Gross Margin | 24% |
| Net Margin | -2% |
| EBITDA | -$112.2 trailing twelve months |
| Average Wall Street rating and price target | Sell $83.33 |
GameStop (GME) stock forecast
Gamestop shares have been slowly sliding for most of June having earlier spiked up to over $300. The shares have now been trending below the key 9 and 21-day moving averages and indeed both moving averages are acting as a guide for GME shares. Now some key support levels approach. The small trend channel in place since mid-June has support at $187 and this closely corresponds to the longer-term trend line in place since February. This currently gives support at $193. If those two levels go GME stock enters the large sideways consolidation zone highlighted on the below chart in purple. This area also contains the 100-day moving average at $170.82.
Zooming out to the weekly chart gives a bit more information. The short term channel has been in palce since early June and the current setup shows an inside indecision candle. Generally an inside candle results in a move in the same direction as the trend, in this case lower. The moving average convergence divergence (MACD) also looks to be corssing into a bearish signal on the weekly timeframe. The strongest support zone based on the volume profile is near the lwoer end of the rectanle consolidation zone, towqards $140. As always use solid risk management when trading any name, particularily a meme stock.
Like this article? Help us with some feedback by answering this survey:
- GME shares remain strong but lagging other meme stocks.
- GameStop shares in a gradually shrinking range, breakout soon?
- GME stock approaching trendline support at $193.
GameStop shares have stabilized recently in a slight downtrend formation as the stock leaves AMC in the limelight while it ploughs a lone furrow. The original of the meme species has been embarking on its new digital strategy as spearheaded by Ryan Cohen. Since surging to $340 in early June the shares have gradually slid back to near $200. Monday saw GME stock close up just under 2% at $213.25.
Gamestop (GME) statistics
| Market Cap | $15.3 billion |
| Enterprise Value | $11.4 billion |
| Price/Earnings (P/E) | 2,046 based on next twelve months |
|
Price/Book |
31 |
| Price/Sales | 2.6 |
| Gross Margin | 24% |
| Net Margin | -2% |
| EBITDA | -$112.2 trailing twelve months |
| Average Wall Street rating and price target | Sell $83.33 |
GameStop (GME) stock forecast
Gamestop shares have been slowly sliding for most of June having earlier spiked up to over $300. The shares have now been trending below the key 9 and 21-day moving averages and indeed both moving averages are acting as a guide for GME shares. Now some key support levels approach. The small trend channel in place since mid-June has support at $187 and this closely corresponds to the longer-term trend line in place since February. This currently gives support at $193. If those two levels go GME stock enters the large sideways consolidation zone highlighted on the below chart in purple. This area also contains the 100-day moving average at $170.82.
Zooming out to the weekly chart gives a bit more information. The short term channel has been in palce since early June and the current setup shows an inside indecision candle. Generally an inside candle results in a move in the same direction as the trend, in this case lower. The moving average convergence divergence (MACD) also looks to be corssing into a bearish signal on the weekly timeframe. The strongest support zone based on the volume profile is near the lwoer end of the rectanle consolidation zone, towqards $140. As always use solid risk management when trading any name, particularily a meme stock.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.