GameStop Stock Price and Forecast: GME double top could see $150 targeted

GameStop stock finished lower on Wednesday by 1%.
GME stock has now formed a bearish double top.
GME, if it sticks to the target, would see $150 soon.

Ivan Brian FXStreet

GameStop (GME) fans and traders may not like the sound of this, but it appears the stock has confirmed the double top we alluded to earlier in the week with yesterday's fall. While markets are closed today Thursday and are likely to see light volume in a reduced session on Friday, this remains a bearish picture.

GameStop (GME) chart, 15-minute

GameStop (GME) stock news

A bizarre twist has developed in the David vs Goliath saga of the GameStop short squeeze seen earlier this year. According to a Benzinga report, a group of individuals called ConstitutionDAO pooled together via crowdfunding to attempt to buy a copy of the US Constitution. However, the Benzinga report states that the group lost out to Ken Griffin. It is not major news for the underlying stock but remains an interesting sidebar.

The stock itself has little in the way of fundamental news flow. That is part of the problem. Momentum stocks need momentum, and when it stops so does the share price. That is what is happening across multiple names such as AMC, Rivian LCID, and others. The next event of note will likely be earnings from GameStop on Wednesday, December 8.

GameStop (GME) stock forecast

,Gamestop (GME) shares have been fairly rangebound between $220 and $240 and have moved through this range over the last week. There is a lot of volume at $210, indicating a support of sorts.

The daily chart though is where the bearish double top is on show. The target of a double top or bottom is the retracement amount between both peaks or the valley. In the case of GME that is $50, so a break of the valley floor at $200 gives a target of $150. Only by breaking $250 in the next few sessions can this double top be discounted.

GME 1-day chart

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

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.

GBP/USD weakens below 1.3250 as UK Prime Minister Keir Starmer resigns

The GBP/USD pair loses ground to near 1.3245 during the early Asian trading hours on Tuesday. Political uncertainty in the United Kingdom continues to weigh on the British Pound against the US Dollar. The preliminary readings of the S&P Global Purchasing Managers Index from both the US and the UK are due later on Tuesday.

EUR/USD moves little amid market caution on ongoing US-Iran talks

EUR/USD steadies after registering modest losses in the previous day, trading around 1.1430 during the Asian hours on Tuesday. The currency pair remains locked in a tight range as traders closely monitor diplomatic developments surrounding ongoing talks between Washington and Tehran in Bürgenstock, Switzerland.

Gold defends $4,100, but for how long?

Gold is back in the red early Tuesday, having faced rejection once again at $4,200. The US Dollar holds at yearly highs amid hawkish Fed outlook, scepticism over US-Iran deal progress. Gold is primed to attack $4,100 as the daily technical setup remains in favor of sellers.

Bitcoin holds steady as ETF outflows decline – DEXE and TIA extend gains

Bitcoin hovers above $64,000 at press time on Tuesday, holding steady after a roughly 4% drop last week. Data shows that institutional outflows are easing, suggesting broader market recovery potential, while DeXe and Celestia have emerged as frontrunners over the last 24 hours.

Are American consumers actually “resilient“?

A common label gets placed upon American buyers: resilient. Just last week, Marianne Lake, the CEO of Consumer and Community Banking — and a member of the JPMorganChase Operating Committee — affirmed this sentiment. While she did note some weariness regarding future inflation’s effect on consumers, she reiterated the common adjective: resilient.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.