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

By Shiri Gupta

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 $8.99 and $9.14 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 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.

There is potential upside of 67.6% for shares of Gamestop Corp-A based on a current price of $9.08 and an average consensus analyst price target of $15.22. The stock should run into initial resistance at its 50-day moving average (MA) of $10.83 and subsequent resistance at its 200-day MA of $13.68.

Gamestop Corp-A share prices have moved between a 52-week high of $17.27 and a 52-week low of $8.81 and closed yesterday at 3% above that low price at $9.08 per share. The 200-day and 50-day moving averages have moved 0.62% lower and 1.21% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Gamestop Corp-A and will alert subscribers who have GME in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle gamestop corp-a

Ticker(s): GME