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Volatile ride for Gamestop Corporation stock price on Tuesday moving between $181.00 and $217.11

StockInvest.us, 6 months ago

Gamestop Corporation

The Gamestop Corporation stock price gained 16.34% on the last trading day (Tuesday, 25th May 2021), rising from $180.01 to $209.43. , and has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 19.95% from a day low at $181.00 to a day high of $217.11. The price has risen in 7 of the last 10 days and is up by 42.55% 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, 10 million more shares were traded than the day before. In total, 14 million shares were bought and sold for approximately $3.01 billion.

The last rating was given by Telsey Advisory Group on March 30, 2021. The price target was set to $33.00 → $30.00.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -6.13% during the next 3 months and, with a 90% probability hold a price between $80.12 and $235.39 at the end of this 3-month period.

Gamestop Corporation

The Gamestop Corporation 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 $180.97 and $164.45. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 months 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 Wednesday, March 10, 2021, and so far it has fallen -20.97%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $194.50 and $183.75.There is 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 Corporation finds support just below today's level at $194.50. If this is broken, then the next support from accumulated volume will be at $183.75 and $181.00.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $36.11 between high and low, or 19.95%. For the last week, the stock has had a daily average volatility of 9.55%.

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.

Check full Gamestop Corporation forecast and analysis here.