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Possible Bearish Inside Day Candle Pattern Detected for Gamestop Corp-A (NYSE:GME)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gamestop Corp-A (NYSE:GME) based on the price action in the company's shares. Today's price range of $16.74 and $17.00 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Gamestop Corp-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Gamestop Corp-A (NYSE:GME) defies analysts with a current price ($16.85) 9.7% above its average consensus price target of $15.22. Gamestop Corp-A shares have support at the 200-day moving average (MA) of $15.45 and additional support at the 50-day MA of $15.20.

GameStop Corporation operates specialty electronic game and PC entertainment software stores throughout the United States, Australia, Canada, and Europe. The Company stores sell new and used video game hardware, video game software, and accessories, as well as PC entertainment software and related accessories and other merchandise.

In the past 52 weeks, Gamestop Corp-A share prices have been bracketed by a low of $12.20 and a high of $20.97 and are now at $16.85, 38% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.1%.

SmarTrend is monitoring the recent change of momentum in Gamestop Corp-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Gamestop Corp-A in search of a potential trend change.

Keywords: bearish inside day candle gamestop corp-a

Ticker(s): GME