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- Game Stop has recently reported a loss of over $94.7 Million in third quarter and also a net decline in sales
- Bears of GME stock price are becoming active for a push down. It is currently trading near $22 with a loss of 4%
Game Stop Corporation has recently revealed that their third quarter sales has seen a decline and their cash sharply dwindled. Game stop has been working from a quite some times to become profitable. They are trying to revamp their brick and Mortar business which their executives pointed out that was an Underinvestment The company has reported a net loss of $95 million which is seventh quarterly loss in a row. It is slightly lower than the The company has launched their NFT market place in July which is currently on a beta testing mode.
Gamestop has a total market cap of 6.77 Billion with a negative EPS of -6.25. The meme stock is also trying to adjust their business in the digital world. Many analysts are expecting a strong trend in the future.
Bulls Of GME Stock Price Are On Sleep
The weekly technical chart of the Game stock suggests a strong downside trend in price. On coming to the daily chart the asset price is trading near the value of $22 with a drop of over 4.8% in the intraday session.It has formed a strong red candles in the daily chart which can push the price down. Resistance of GME stock price can be seen near the value of $30. Meanwhile the support of the asset price can be seen near $20. The asset price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the DMA which can push the price further below.
RSI of the asset price can be seen near 36 with a strong negative slope. The overall sentiment of the RSI is bearish.
Conclusion
Game Stop has recently reported a net loss of $95 Million which is seventh quarterly loss in a row. They are trying to adjust their business in a digital world. GME stock price is currently in a downtrend but can pick up a strong pace in the future.
Technical Levels
Major Support:$20
Major Resistance: $28
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
