GME runs into sellers again around 17.00
GameStop Corp. (GME) Technical Analysis Report for Sep 14, 2018
GME finished the week 4.09% higher at 16.79 after losing $0.25 (-1.47%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.54 (3.18%), that's below last trading month's daily average range of $0.85. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 15.87 and 17.04 which it has been in now for the last trading week.
After moving higher in the previous session, GameStop Corp. closed lower but above the prior day's open today, forming a bearish Harami Candle.
After trading as low as 16.46 during the day, the share bounced off the key support level at 16.53. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 17.04. After having been unable to move above 17.04 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 17.00.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 17.04 where further buy stops might get activated. Further buying could move prices higher should the market test August's nearby high at 17.27.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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