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- 1 GameStop price gap up witnessed after earnings report ending on Jan ’23.
- 2 GME price formed a bullish momentum for the Super Mario game collection.
GameStop opened up at $26.60, and the gap up is attributed to the positive earrings report released by the company. GME stock price sharply rose by more than 60% intraday, after the company rolled out positive earnings, after a tumultuous year. The already-set bullish momentum was continued to prepare for the Super Mario game collection. The merchandising company has had a troubled past regarding the logistical management, but with each new collection, the company tries to make amends.
GME Earnings for January ‘23
The released earnings set a positive outlook for the GME stock holders. The reports revealed a surprise of 220% in earnings. The EPS was estimated to be negative $0.133, but the reported EPS was $0.16, giving high hopes to its holders. The revenue was estimated around $2.18 billion, with a reported revenue of $2.22 billion, giving a surprise of 2.12%.
Gamestop, after reporting positive earnings, witnessed a flush of emotions among the investors. The company faced a backlash after the GameStop carelessly took responsibility for the mismanagement of several collections the player community awaited. That sent the price in downtrend and established a bearish momentum. The positive reports help in eradicating the trend and start the bull run.
GME Stock Price Analysis
GME stock price has marked an uptrend by opening with a high of 60%. The bullish momentum was seen to continue to live up to the hype of the Super Mario game collectibles. Since the rise was abruptly sharp, sellers activated to book profits, making a high selling volume. After the selling spree, GME stock price saw a bullish swing and tried to breach the 0.5 level of Fib retracement. The predicted rally can reach near $27.73, after which it may face resistance in the distribution zone.
The rally in GME stock price, made indicators turn bullish. The RSI flares a bullish flag near the ceiling range and displays buyers gaining dominance. The MACD sharply diverges for the bulls and records tall buyer bars indicating increasing buyer participation. The bullish indicators grow strong, suggesting prolonged rally in future.
Conclusion
GME stock price witnessed a bullish rally and set to remain in the same momentum for the new Super Mario game collectibles. The buyers and sellers both take advantage of the rally and book profits. The holder can rely on the support near $15.98. The bullish indicators grow strong, suggesting prolonged rally in future, depending on the success of Super Mario collectibles.
Technical levels
Support levels: $15.98 and $10.17
Resistance levels: $27.73 and $31.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
