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Big movements in Gamestop stock price on Tuesday moving 80.08% between high and low, 1 week ago


The Gamestop stock price gained 60.10% on the last trading day (Tuesday, 14th May 2024), rising from $30.45 to $48.75. During the last trading day the stock fluctuated 80.08% from a day low at $36.00 to a day high of $64.83. The price has risen in 5 of the last 10 days and is up by 339.59% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 19 million more shares were traded than the day before. In total, 195 million shares were bought and sold for approximately $9.51 billion.

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

Given the current short-term trend, the stock is expected to rise 7.29% during the next 3 months and, with a 90% probability hold a price between $11.67 and $52.30 at the end of this 3-month period.


The Gamestop 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 $23.32 and $13.85. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 387.01%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

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 $28.83 between high and low, or 80.08%. For the last week, the stock has had daily average volatility of 37.37%.

The Gamestop stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Gamestop 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 forecast and analysis here.