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Possible Bullish Inside Day Candle Pattern Detected for GameStop (NYSE:GME)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in GameStop (NYSE:GME) based on the price action in the company's shares. Today's price range of $24.87 and $25.11 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. Traders and investors interested in shares of GameStop may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of GameStop have traded between a low of $24.33 and a high of $47.83 and are now at $25.00, which is 3% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 0.5%.

There is potential upside of 68.0% for shares of GameStop based on a current price of $25.00 and an average consensus analyst price target of $41.99. The stock should run into initial resistance at its 50-day moving average (MA) of $31.25 and subsequent resistance at its 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.

SmarTrend recommended that its subscribers protect gains by selling shares of GameStop on August 29th, 2016 by issuing a Downtrend alert when the shares were trading at $28.65. Since that call, shares of GameStop have fallen 13.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle GameStop

Ticker(s): GME