• Return to Headlines

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

By Shiri Gupta

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. Yesterday's price range of $24.77 and $25.11 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 69.2% exists for GameStop, based on a current level of $24.82 and analysts' average consensus price target of $41.99. The stock should find initial resistance at its 50-day moving average (MA) of $31.25 and further resistance at its 200-day MA of $36.06.

GameStop share prices have moved between a 52-week high of $47.83 and a 52-week low of $24.33 and closed yesterday at 2% above that low price at $24.82 per share. 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%.

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 am inside day candle GameStop

Ticker(s): GME