GME Stock Price: Gamestop extends decline as meme stocks suffer during market sell off
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- NYSE:GME fell by 2.87% during Tuesday’s trading session.
- GameStop’s stock could be looking towards the earnings for a breakout.
- Meme stocks were swept up in the market sell-off on Tuesday.
NYSE:GME extended its decline on Tuesday as the broader markets continued to exhibit volatility amidst rising fears of the Omicron variant spreading. Shares of GameStop fell by 2.87% on Tuesday and closed the trading day at $196.21. The stock failed to hold the $200.00 price level and is now on the cusp of losing its key short-term 50-day simple moving average price. Global markets tumbled once again on Tuesday, giving back all of the gains from Monday’s session. The Dow Jones slipped by 652 basis points, while the S&P 500 and NASDAQ dropped by 1.90% and 1.55% respectively.
Stay up to speed with hot stocks' news!
GameStop has been trading within range over the past couple of months and seems to be forming an ascending triangle on its chart. While the stock has been on the decline as of late, it has found a trendline as support that is creating a wedge formation that could end in the stock breaking out in either direction. With the third-quarter earnings call fast approaching on December 8th, this could be the catalyst the stock needs to break out, or potential break lower if the report is bearish.
GME stock news
GameStop wasn’t the only meme stock to be caught up in the market sell-off on Tuesday. Other popular meme stocks like AMC (NYSE:AMC), ContextLogic (NASDAQ:WISH), Camber Energy Inc. (NYSEAMERICAN:CEI), and SmileDirectClub (NASDAQ:SDC) all fell as well. Other stocks that have been mentioned on r/WallStreetBets on Tuesday include Palantir (NYSE:PLTR) and Lucid Group (NASDAQ:LCID) which also experienced red days during the market tumble.
Like this article? Help us with some feedback by answering this survey:
- NYSE:GME fell by 2.87% during Tuesday’s trading session.
- GameStop’s stock could be looking towards the earnings for a breakout.
- Meme stocks were swept up in the market sell-off on Tuesday.
NYSE:GME extended its decline on Tuesday as the broader markets continued to exhibit volatility amidst rising fears of the Omicron variant spreading. Shares of GameStop fell by 2.87% on Tuesday and closed the trading day at $196.21. The stock failed to hold the $200.00 price level and is now on the cusp of losing its key short-term 50-day simple moving average price. Global markets tumbled once again on Tuesday, giving back all of the gains from Monday’s session. The Dow Jones slipped by 652 basis points, while the S&P 500 and NASDAQ dropped by 1.90% and 1.55% respectively.
Stay up to speed with hot stocks' news!
GameStop has been trading within range over the past couple of months and seems to be forming an ascending triangle on its chart. While the stock has been on the decline as of late, it has found a trendline as support that is creating a wedge formation that could end in the stock breaking out in either direction. With the third-quarter earnings call fast approaching on December 8th, this could be the catalyst the stock needs to break out, or potential break lower if the report is bearish.
GME stock news
GameStop wasn’t the only meme stock to be caught up in the market sell-off on Tuesday. Other popular meme stocks like AMC (NYSE:AMC), ContextLogic (NASDAQ:WISH), Camber Energy Inc. (NYSEAMERICAN:CEI), and SmileDirectClub (NASDAQ:SDC) all fell as well. Other stocks that have been mentioned on r/WallStreetBets on Tuesday include Palantir (NYSE:PLTR) and Lucid Group (NASDAQ:LCID) which also experienced red days during the market tumble.
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.