• Pieces rose by more than 6% in the past 24 hours.
• Chairman made some new stock investments.
• New launch may extend the rally.

Ryan Cohen, the Chairman of GameStop (NYSE: GME), has racked up a stake in Alibaba Group (NYSE: BABA) and is pushing the business giant to increase and pace up share buybacks. The stake in the e-commerce firm is worth hundreds of millions of dollars and was said to be accumulated in the second half of the last year. 

Cohen felt Alibaba’s shares were undervalued then and thought the company could reach double-digit sales growth along with 20% free cash flow growth over five years. Ryan said earlier that he wanted to find more undervalued companies to invest in and discover that can be managed better and push them to be dynamic. 

In the coming times

The GME stock prices are anticipated to jump mountains with the scheduled launches of various games in 2023. With Star Wars Jedi: Survivor planned to be launched on March 17, 2023, the price rally may mark a new high as the fans will rush to get the collectibles.

The march may witness several rockets as the prices may leap further for the release of Resident Evil 4 on March 23, 2023. It’s one of the best and most iconic games series of all-time 

Before correcting, The rally may face another blow as Hogwarts Legacy is scheduled for April. The game will let the players revisit the world of Harry Potter.

According to the recent leak by Call of duty data miners, the much-awaited season 2 for Modern Warfare 2 and Warzone 2 might get delayed by a few days. It can mean the GME stock might have to reschedule a price rocket to when the launch is set to happen. 

As of now, the price upsurge can be attributed to the release of the new Spider-Man game. Gamers may take advantage of the new Spider-Man Remastered bundle to give a first playthrough.

What do charts tell

The GME stock prices have formed a falling parallel channel, which the current price action has breached and surged. The present rally has lured many buyers, which is well-reflected in the trading volume. The 20-EMA string lies below the price rocket. 

If current trading prices of $21.80, which rose by nearly 6.4% in the past 24 hours, can breach the breakout level of $22.50, a solid bull run can be established, reaching beyond $35. The rising RSI supports the notion as it showcases the transition from sellers to buyer-dominated. The MACD records ascending buyer bars for the lines that undergo a bullish divergence. The analysis suggests the present action is at an initial stage but can be amplified further. 

Conclusion

The market for GME stock envisions a year full of price rallies as many events that can influence the stock prices are lined up. The holders are excited, and the fans are about to go wild for what the company holds. To enjoy the bulls, the holder must keep a keen eye on the breakout level near $22.50. 

Technical levels

Support levels: $15.93 and $12.75

Resistance levels: $25.04 and $29.01

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

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.