GameStop Stock Price and Forecast: GME pops on AMC news

GameStop stock pops in sympathy with AMC.
AMC releases revenue ahead of average consensus forecasts.
GME was beaten down, but potential double bottom formed.

Ivan Brian FXStreet

GameStop (GME) stock has continued to suffer as 2022 has progressed, but the stock did at least recover some ground on Monday. Now it gets a further kicker from fellow meme king AMC. AMC released preliminary revenue for Q4 that was ahead of estimates, and GameStop rose 4.5% in Tuesday's premarket on the heels of AMC's 15% burst. We cannot work that one out either!

GameStop (GME) stock news

GameStop has not had a good start to 2022. The shares are down as high growth and/or unprofitable stocks are hit hard. The Fed's increasingly hawkish tilt has led to a re-evaluation of risk, and it has not been a kind re-evaluation for the meme stock space. GameStop did manage a decent 11% rally on Monday, but it is still down 26% year to date and nearly 50% over the last three months. The stock has remained near the top of social media stock chatrooms despite the steady fall. This may be a case of investors being too loyal to the stock. Some view this loyalty as key to the whole meme stock saga, but we would always urge traders to be loyal to themselves and their P&L. This is the aim of the game.

GameStop (GME) stock forecast

We saw how well the double top worked for GME back in November and December. Double tops and bottoms are powerful reversal signals, and this double top was pretty obvious. But we have spotted a less clear double bottom recently at the $86 support level. Early days maybe, but it has potential.

GME shares hit $86 on January 24 and again on January 28. This double bottom is not as clear as it should be. However, $86 is a key support level and has been held for now. Yesterday's move took out the 9-day moving average, and the Moving Average Convergence Divergence (MACD) is close to crossing over. $118.59 is the short-term resistance and pivot. Below and $86 is likely to be tested again and more likely to be broken the more it is tested. Get above $118.59 and the down trend has stabilized.

Gamestop (GME) chart, daily

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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