High volatility in Gamestop stock price on Tuesday which ended trading at $26.50

StockInvest.us, 1 month ago


The Gamestop stock price fell by -5.36% on the last day (Tuesday, 4th Jun 2024) from $28.00 to $26.50. During the last trading day the stock fluctuated 11.15% from a day low at $25.20 to a day high of $28.01. The price has been going up and down for this period, and there has been a 14.52% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -110 million shares and in total, 50 million shares were bought and sold for approximately $1.34 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 34.17% during the next 3 months and, with a 90% probability hold a price between $21.09 and $69.33 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 $23.47 and $18.85. A breakdown below any of these levels will issue sell signals. 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 -45.64%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $23.78 and $23.14.There is a 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 finds support just below today's level at $23.78. If this is broken, then the next support from accumulated volume will be at $23.14 and $22.21.

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 $2.81 between high and low, or 11.15%. For the last week, the stock has had daily average volatility of 19.17%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Check full Gamestop forecast and analysis here.