GME runs into sellers again around 17.00

GameStop Corp. (GME) Technical Analysis Report for Sep 14, 2018

Highlights

GME finds buyers at key support level
GME runs into sellers again around 17.00
GME still stuck within tight trading range
GME closes within previous day's range after lackluster session
GME ends the day indecisive

TQ Sentiment

Report Sentiment: 37% Bearish
Technical Forecast:

Overview

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.

Daily chart for GME

Volatility

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.

Price Action

After moving higher in the previous session, GameStop Corp. closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for GameStop Corp.

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