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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Gamestop Corp-A (NYSE:GME) based on the price action in the company's shares. Yesterday's price range of $12.90 and $13.35 is within the prior day'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. Traders and investors interested in shares of Gamestop Corp-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Gamestop Corp-A (NYSE:GME) has potential upside of 54.9% based on a current price of $13.20 and analysts' consensus price target of $20.44. Gamestop Corp-A shares should first meet resistance at the 50-day moving average (MA) of $31.25 and find additional resistance at the 200-day MA of $36.06.

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 $32.67 and closed yesterday at $13.20, 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Gamestop Corp-A on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $16.44. Since that call, shares of Gamestop Corp-A have fallen 21.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle gamestop corp-a

Ticker(s): GME