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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 $7.78 and $7.82 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.

Gamestop Corp-A (NYSE:GME) has potential upside of 94.7% based on a current price of $7.82 and analysts' consensus price target of $15.22. The stock should find initial resistance at its 50-day moving average (MA) of $9.28 and further resistance at its 200-day MA of $12.84.

Over the past year, Gamestop Corp-A has traded in a range of $7.67 to $17.27 and closed yesterday at $7.82, 2% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 3.5% while the 200-day MA has slid 1.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Gamestop Corp-A on January 29th, 2019 by issuing a Downtrend alert when the shares were trading at $11.81. Since that call, shares of Gamestop Corp-A have fallen 33.8%. 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