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After Yesterday's Rally of 1.12% Shares Could Potentially Pullback

By David Diaz

GameStop (NYSE:GME) traded in a range yesterday that spanned from a low of $28.31 to a high of $28.87. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $28.74 on volume of 805,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that its subscribers protect gains by selling shares of GameStop on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $29.80. Since that call, shares of GameStop have fallen 4.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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 $28.81, which is 18% 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%.

Keywords: rebounders GameStop

Ticker(s): GME