Gamestop (GME) Stock Price and Forecast: Why is GME stock up today?
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- Gamestop stock continues its breakout rally from Monday.
- GME shares closed on Tuesday up over 3%.
- GME chart looks bullish with a triangle breakout play.
GameStop (GME) stock carried on the momentum from Monday with the stock rallying another 3% on Tuesday. The Gamestop price topped out at $211.94 before settling back to close at $206.99.
Gamestop (GME) chart, 15-minute
GameStop (GME) stock news
The news flow has not changed much over the last 24 hours despite the GME chart looking more and more positive. The COO has gone with details still sketchy. This does not appear to have been a factor in the recent push higher. Traders have been circulating talk of a possible shift into NFTs for GameStop, but this recent move has mostly been fundamental and technical. Fundamental in that risk is most certainly back on in financial markets with crypto surging and meme stocks surging higher. Technical in that this was a strong breakout from a triangle formation, which we discuss below.
Harking back to the days of lore in January when GameStop captured the frontpage news around the world is reports that TD Ameritrade has put in place trading restrictions in some stocks, of which GME is one. Here we go again? Not quite. It appears from reports that short selling of GameStop has been stopped as well as some extra requirements on options strategies. The report is carried by Benzinga.
GameStop (GME) stock forecast
News flow in our view is not the main catalyst. Rather a regrouping of the retail army and a nice technical chart setup, as we can see below, are the culprits. The GameStop graph shows the triangle formation and the resultant breakout on Monday. A triangle formation is a quiet formation that will eventually lead to an explosion, and that is what we have got. Technical theory tells us the target is the length of the entry, which makes the GameStop price target somewhere around $260. The key support is the breakout level at $183. Holding $183 keeps GME stock bullish, but below and it is back to neutral. Resistance is at $231, the top of the triangle and September 1 high.
- Gamestop stock continues its breakout rally from Monday.
- GME shares closed on Tuesday up over 3%.
- GME chart looks bullish with a triangle breakout play.
GameStop (GME) stock carried on the momentum from Monday with the stock rallying another 3% on Tuesday. The Gamestop price topped out at $211.94 before settling back to close at $206.99.
Gamestop (GME) chart, 15-minute
GameStop (GME) stock news
The news flow has not changed much over the last 24 hours despite the GME chart looking more and more positive. The COO has gone with details still sketchy. This does not appear to have been a factor in the recent push higher. Traders have been circulating talk of a possible shift into NFTs for GameStop, but this recent move has mostly been fundamental and technical. Fundamental in that risk is most certainly back on in financial markets with crypto surging and meme stocks surging higher. Technical in that this was a strong breakout from a triangle formation, which we discuss below.
Harking back to the days of lore in January when GameStop captured the frontpage news around the world is reports that TD Ameritrade has put in place trading restrictions in some stocks, of which GME is one. Here we go again? Not quite. It appears from reports that short selling of GameStop has been stopped as well as some extra requirements on options strategies. The report is carried by Benzinga.
GameStop (GME) stock forecast
News flow in our view is not the main catalyst. Rather a regrouping of the retail army and a nice technical chart setup, as we can see below, are the culprits. The GameStop graph shows the triangle formation and the resultant breakout on Monday. A triangle formation is a quiet formation that will eventually lead to an explosion, and that is what we have got. Technical theory tells us the target is the length of the entry, which makes the GameStop price target somewhere around $260. The key support is the breakout level at $183. Holding $183 keeps GME stock bullish, but below and it is back to neutral. Resistance is at $231, the top of the triangle and September 1 high.
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.