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- 1 GameStop Corp. GME stock price may reach the heights of $50 if it follows the plan, says analysts.
- 2 GME share price is trying to remain at 20, 50 and 100-days DMA to recover till 200-days Daily Moving Average.
- 3 GameStop Corp. (NYSE: GME) is an American video game, consumer electronics, and gaming merchandise retailer.
GameStop Corp. (NYSE: GME), GME stock price may recover till the $50 recovery level if it follows through the plan claim analysts. Some institutional holdings are again looking up to stake GME shares as a result GME share price may skyrocket. For the time being, investors in GME shares need to wait for a better opportunity to let the GME stock price surge with strong uptrend momentum over the daily time frame chart.
Financial analysts from an esteemed financial firm confirmed that GME stock price may recover and reach the $50 mark. However, currently GameStop stock price is trying to break out of the primary resistance level of $24.07 to reach the $27.83 secondary resistance. Moreover, GME share price may initiate its recovery as soon as it b reeks out of the primary resistance added analysts.
GME stock price was at $23.17 and has gained 0.39% of its market capitalization during Wednesday’s trading session. However, trading volume was below average and needs to grow during Thursday’s trading session. GameStop stocks need to attract buyers during Thursday’s trading session to initiate its recovery rally over the charts.
GameStop Corp. (NYSE: GME): GME Stock Price Roadmap to $50 – Fib Retracement
GME stock price needs to attract buyers in order to surge over the charts and register its breakout from the primary resistance level to initiate its recovery rally. Moreover, analysts suggested if GME shares follow through the fib retracement levels then GameStop stock price may reach the $50 mark earlier.
Fib retracement has provided some interesting levels to be attained by GME shares. Analysts have declared a certain number of milestones as the levels. For GME share price to reach the $50 mark, GME must achieve five milestones to attain its maximum recovery level.
At first GME stock price needs to break out from the first milestone that is primary resistance level itself at $24.08. After that GME share price needs to register its breakout from the second milestone at $29.05 following through the secondary resistance at $27.83. Then GameStop shares must reach the third milestone at $33.07 following a mild consolidation to sustain at the fourth milestone at $37.09 and then fifth and the final milestone at $42.82.
After sustaining at the fifth and final milestone at $42.82 GME stock price may finally reach the $50 recovery level following a mild consolidation phase.
In addition, GME shares have gained 10.97% in the last three months and 21.63% in the last six months. Moreover, GME share price has grown 24.30% year to date suggesting the maximum recovery of GME in 2023.
Analysts noted that trading requires extreme caution and comes with certain internal or external dangers. Stock market investments are exposed to market dangers, thus before purchasing any security, investors should verify both the technical factors and the fundamentals.
GameStop Corp (GME): Technical Analysis!
Technical indicators suggest GME stock price is in a consolidation phase. Relative strength index showcases the sideways momentum of GameStop stock. RSI was at 47 and is approaching neutrality.
MACD exhibits the downtrend momentum of GME share price. The MACD line is below the signal line after a negative crossover and is waiting to cross the signal line upwards to register the positive crossover. Investors in GameStop Corp. (NYSE: GME) shares need to wait for any directional change over the daily time frame chart.
Summary
GameStop Corp. (NYSE: GME), GME stock price may recover till the $50 recovery level if it follows through the plan which the analysts claim. Financial analysts from an esteemed financial firm confirmed that GME share price may recover and reach the $50 mark. Moreover, analysts suggested if GME shares follow through the fib retracement levels, then GameStop stock price may reach the $50 mark faster. GME share price is in a consolidation phase according to the technical indicators.
Technical Levels
Support Levels: $22.70 and $22.00
Resistance Levels: $24.08 and $30.00
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 or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
