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GME Stock Shed 14% Weekly; Bounce or Fresh 52 Weeks Low Ahead?

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GME Stock Shed 14% Weekly; Bounce or Fresh 52 Weeks Low Ahead?
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GME stock price has declined since the beginning of 2023, losing 21.27% of its trading value in the Year-to-Date time frame. However, in the weekly time frame, GameStop Corp stock shed approximately 14%. 

GameStop Corp (GME) Stock Price Analysis

In the 52-week time frame, GME’s share price peaked at $34.99, and its lowest traded price was $14.44. GameStop Corporation has a market capitalization of $4.49 Billion, while the average trading volume is 366.956k.

GME Stock Shed 14% Weekly; Bounce or Fresh 52 Weeks Low Ahead?
Source: GME stock price chart from TradingView 

The MACD and the signal line have been approaching the oversold region. If bears’ dominance continues, further downfall in the GME stock trading price is expected. 

However, the RSI and RSI-based MA line follows the MACD which is reflecting a bearish crossover just above the borderline of the bear’s region. The annual price target of GameStop Corp stock is $14.92. 

The sudden decline in GME stock trading price was seen since the September 28, 2023 trading session, and the decline will continue till publishing. 

As per market analysts, if bears continue ruling over the trading volume, then GME stock price is expected to retest its 52-week low of $14.44 and possibly next support of $14.

At the time of writing, GME stock was trading below 20,50,100 and the 200-day exponential moving averages (EMA). Market observers believe that further bearish momentum can disrupt the GameStop Corp stock trading price and may register a fresh 52-week low. 

GameStop Corp (GME) Financial Updates 

In Q2 2023, the earnings per share (EPS) was negative $0.03, whereas the estimation was negative $0.14, accounting for a 78.57% surprise. The revenue for the same quarter amounts to $1.16 Billion, while the estimated figure was $1.14 Billion.

For the upcoming quarter, the estimated EPS is negative $0.08, and revenue is expected to reach $1.18 Billion. TradingView shows 265.952 Million GameStop shares are free-floating, and the remaining 39.289 Million are closely held.

Last year, the revenue of GameStop Corp. reached $5.93 Billion. Out of which, $3.14 Billion came from its highest performing source (presently) – hardware and accessories.

GameStop Corp. offers games and entertainment products through its e-commerce properties and stores. It operates through the following geographic segments: the United States, Canada, Australia, and Europe.

Technical Levels 

Support Level: $14.44 & $14.00

Resistance Level: $16.77 & $18.35

Conclusion

GME stock has been in massive trouble in the past weeks as it lost around 14% of its trading price weekly. When writing, GameStop Corp stock was trading below 20,50,100, and 200-day EMAs and the MACD indicated further downfall. If bears continue to dominate, then the probability that GME stock might register a fresh 52-week low is high.

Disclaimer 

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

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