• GameStop stock marks the anniversary of its surge.
  • GME traders circulate birthday wishes on social media as CEO Ryan Cohen joins the tweet celebrations.
  • GME stock falling but still up over 200% from this time last year.

GameStop (GME) celebrated one year from its hectic heyday this week as the stock initially surged this week last year. GameStop was the original of the meme stock species and spawned many children, most notably AMC. Many have totally retreated but others have held some of their gains over the last year if not being quite at their all-time highs. GME for example is still up 200% from the initial pump, while AMC is up a more impressive 840% from this time last year. Other names have not been so lucky. Virgin Galactic (SPCE) is down 70%, while BlackBerry (BB) is more or less flat from a year ago. 

GameStop Stock News

The birthday news is about as exciting as it gets for the stock. That is the problem. Meme stocks need news flow and momentum for them to thrive. This has been steadily drying up. Many have turned to hot sectors like crypto and NFTs to try and maintain momentum, but this is failing. GameStop is trending on social media due to the birthday, but this has not resulted in a follow through for the stock price. Call option volume is decreasing steadily as is normal trading volume across the exchanges in most meme stocks. Momentum is drying up, so we anticipate further losses for the share price of GME and other meme names.

GameStop Stock Forecast

Nothing has changed our view with the double top starting the most recent downtrend and the $118.59 support really the last change. Break this and the move is likely to extend to $70, with some support at $86 along the way. $86 is the retracement from last February.

Breaking the $160 to $167 resistance area will provide an end to the bearish trend, but with a crossed Moving Average Convergence Divergence (MACD) indicator and declining Relative Strength Index (RSI) as well as falling momentum, FXStreet remains bearish.

GameStop (GME) chart, daily



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD holds higher ground near 1.0200 amid upbeat mood

EUR/USD holds higher ground near 1.0200 amid upbeat mood

EUR/USD is trading close to 1.0200 after the Eurozone Sentix data improved slightly in August. The US dollar pares strong NFP-inspired gains amid risk-on flows. Moody’s cut Italy’s credit rating amid political jitters. US-China tensions over Taiwan loom.


GBP/USD clings to gains below 1.2100 amid USD retreat

GBP/USD clings to gains below 1.2100 amid USD retreat

GBP/USD is holding onto the recovery gains below 1.2100, supported by a weaker US dollar amid a positive shift in risk sentiment. Bumper US NFP data ramped up aggressive Fed tightening expectations. UK political woes and a dovish BOE rate hike could cap the pound's upside. 


Gold needs to crack $1,763 to extend the downside

Gold needs to crack $1,763 to extend the downside

Gold price nurses losses after impressive US NFP-inspired sell-off. US dollar eases in tandem with the Treasury yields amid a better mood. XAU/USD looks south towards $1,750, as 75 bps Sept Fed rate hike bets rise.

Gold News

Top 3 Cryptos Price Prediction: Faux strength or resurgence of bullish momentum?

Top 3 Cryptos Price Prediction: Faux strength or resurgence of bullish momentum?

Bitcoin price shows a resurgence of buying pressure as the eastern markets open fresh to a new week. This development could turn sour if BTC fails to overcome a significant hurdle.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!