Big movements in Gamestop stock price on Friday moving 13.76% between high and low

StockInvest.us, 2 months ago

Gamestop

The Gamestop stock price fell by -19.73% on the last day (Friday, 17th May 2024) from $27.67 to $22.21. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 13.76% from a day low at $19.70 to a day high of $22.41. The price has fallen in 6 of the last 10 days but is still up by 34.48% over the past 2 weeks. Volume has increased on the last day by 22 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, 94 million shares were bought and sold for approximately $2.08 billion.

On Mar 25, 2024, it was reported that Wedbush gave GME a "Underperform" grade with a "hold" action.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 17.86% during the next 3 months and, with a 90% probability hold a price between $14.49 and $57.88 at the end of this 3-month period.

Gamestop

The Gamestop stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $29.16. On a fall, the stock will find some support from the long-term average at approximately $15.23. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Tuesday, May 14, 2024, and so far it has fallen -54.44%. 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 $18.01 and $17.46.With no support from accumulated volume below today's level the risk is increased, as a drop below the support at $17.46 may give a huge drop in the stock price.

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 $2.71 between high and low, or 13.76%. For the last week, the stock has had daily average volatility of 42.44%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Gamestop stock to perform well in the short-term.

Check full Gamestop forecast and analysis here.