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Big movements in Gamestop Corporation stock price on Tuesday moving 22.34% between high and low

StockInvest.us, 1 month ago

Gamestop Corporation

The Gamestop Corporation stock price fell by -5.12% on the last day (Tuesday, 29th Mar 2022) from $189.59 to $179.89. During the day the stock fluctuated 22.34% from a day low at $163.00 to a day high of $199.41. The price has risen in 9 of the last 10 days and is up by 117.68% over the past 2 weeks. Volume has increased on the last day by 24 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 24 million shares were bought and sold for approximately $4.37 billion.

On Mar 18, 2022 "Wedbush" gave "$45.00 - $30.00" rating for GME. The price target was set to $89.70+2.3%.

The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $189.47 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -3.86% during the next 3 months and, with a 90% probability hold a price between $73.78 and $182.15 at the end of this 3-month period.

Gamestop Corporation

The Gamestop Corporation stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $146.02 and $117.79. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, March 28, 2022, and so far it has fallen -5.12%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

On the downside, the stock finds support just below today's level from accumulated volume at $151.95 and $141.00.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Gamestop Corporation finds support just below today's level at $151.95. If this is broken, then the next support from accumulated volume will be at $141.00 and $140.62.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $36.41 between high and low, or 22.34%. For the last week, the stock has had a daily average volatility of 19.02%.

Gamestop Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Check full Gamestop Corporation forecast and analysis here.