GME stock price may reach the $20 level if it gets buyers’ support. However, Gamestop’s stock price fell more than 6% in the last trading session with a trading volume of 4.69 Million. GME shares needs a push from the buyers to recover from the current level.
GameStop stock price has been struggling to break above the $20 resistance level and has been stuck below it. Currently, GME stock needs more buyers to support an upward movement toward recovery.
However, the trading volume is low, which indicates a lack of interest and momentum. At the same time, GameStop stock has broken below the 20, 50, 100, and 200-day daily moving averages, which is a bearish signals.
GameStop’s stock price lost 5.09% last week. It fell by 11.45% in a month. Moreover, GME shares witnessed an incline of about 5.61% in the past six months and a plunge of 4.99% year to date. These trends collectively show the challenges faced by GameStop shares in their recovery efforts throughout the year.
The earnings report was released recently – it surpassed the estimation (1.141 Billion) and reported a revenue of 1.164 Billion. Net income and profit margin also improved as compared to the previous quarter which demonstrates the growth in the company.
Will GME Stock Price Recover in September 2023?
At present, GME stock price requires substantial support from the buyers in order to make a recovery as it is facing strong resistance from the previous resistance levels and multiple moving average levels. Buyers are dominating the charts, according to the candlestick patterns.
GameStop stock price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are fighting hard to sustain the trend.
The current value of RSI is 38.42 points. The 14 SMA is above the median line at 34.89 points which indicates that the GameStop stock is showing weakness.
The MACD line at -0.6603 and the signal line at -0.8836 are below the zero line. A bullish crossover is observed which signals strength for the GME stock price.
Summary
GameStop stock price requires considerable support from buyers in order to rebound from the resistance point of $19.50. The price may soon attempt to make a bullish recovery. However, the RSI is trading below the median line indicating weakness, while the MACD witnessed a bullish crossover indicating strength.
Technical Levels
- Support Levels: $15.82 and $13.09
- Resistance Levels: $21.64 and $24.73
