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High volatility in Gamestop stock price on Tuesday which ended trading at $23.78

StockInvest.us, 3 weeks ago

Gamestop

The Gamestop stock price gained 25.16% on the last trading day (Tuesday, 28th May 2024), rising from $19.00 to $23.78. During the last trading day the stock fluctuated 26.05% from a day low at $21.15 to a day high of $26.66. The price has fallen in 6 of the last 10 days and is down by -21.9% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 72 million more shares were traded than the day before. In total, 104 million shares were bought and sold for approximately $2.46 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 25.49% during the next 3 months and, with a 90% probability hold a price between $17.47 and $63.06 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 $21.38 and $16.92. 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). 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 -51.22%. Further fall is indicated until a new bottom pivot has been found.

Gamestop finds support from accumulated volume at $23.14 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 $5.51 between high and low, or 26.05%. For the last week, the stock has had daily average volatility of 15.13%.

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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Check full Gamestop forecast and analysis here.