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After Yesterday's Rally of 2.29% Shares Could Potentially Pullback

By James Quinn

GameStop (NYSE:GME) traded in a range yesterday that spanned from a low of $30.43 to a high of $31.17. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $30.39 on volume of 999,000 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 subscribers consider buying shares of GameStop on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.74. Since that recommendation, shares of GameStop have risen 4.9%. We continue to monitor GME for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Over the past year, GameStop has traded in a range of $24.33 to $47.83 and is now at $30.81, 27% above that low. The 200-day and 50-day moving averages have moved 0.87% lower and 0.50% higher over the past week, respectively.

Keywords: rebounders GameStop

Ticker(s): GME