Volatile ride for Gamestop stock price on Tuesday moving between $22.80 and $30.92

StockInvest.us, 1 month ago

Gamestop

The Gamestop stock price gained 22.80% on the last trading day (Tuesday, 11th Jun 2024), rising from $24.83 to $30.49. During the last trading day the stock fluctuated 35.61% from a day low at $22.80 to a day high of $30.92. The price has risen in 6 of the last 10 days and is up by 28.22% 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, 1 million more shares were traded than the day before. In total, 129 million shares were bought and sold for approximately $3.94 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 54.69% during the next 3 months and, with a 90% probability hold a price between $30.14 and $84.41 at the end of this 3-month period.

Gamestop

The Gamestop stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $30.88. On a fall, the stock will find some support from the long-term average at approximately $22.00. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 -37.46%. 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 $8.12 between high and low, or 35.61%. For the last week, the stock has had daily average volatility of 44.08%.

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.