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Big movements in Gamestop stock price on Wednesday moving 21.95% between high and low

StockInvest.us, 2 weeks ago

Gamestop

The Gamestop stock price gained 19.13% on the last trading day (Wednesday, 5th Jun 2024), rising from $26.50 to $31.57. During the last trading day the stock fluctuated 21.95% from a day low at $26.11 to a day high of $31.84. The price has risen in 6 of the last 10 days and is up by 42.72% 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, 18 million more shares were traded than the day before. In total, 69 million shares were bought and sold for approximately $2.17 billion.

On May 17, 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 38.25% during the next 3 months and, with a 90% probability hold a price between $22.69 and $72.15 at the end of this 3-month period.

Gamestop

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 $25.26 and $19.46. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 -35.24%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Gamestop finds support from accumulated volume at $30.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $5.73 between high and low, or 21.95%. For the last week, the stock has had daily average volatility of 21.77%.

Gamestop holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Check full Gamestop forecast and analysis here.