Naked Chart Trading: GME 14 May 2024

I am not a big fan of GME due to its volatile price movement and how sensitive it was back in year 2021, but the return of "Roaring Kitty" really attracted my attention to study the chart, to prove that special catalyst like this will make the chart move out of the box, hence my experience and knowledge on technical charting may not apply to this stock.

GameStop stock soared as much as 110% Monday before paring gains, and it was halted for volatility numerous times after "Roaring Kitty," the person who is seen as the kick-starter of the meme stock frenzy during the pandemic, posted online for the first time since 2021.

What happened in year 2021 was maniac, but I found that USD9 served as a strong support for the share prices, as the share prices once again rebound from that level. I drawed a Fibo retracement level From jan 2021 high to Feb 2021 low. Fibo retracement level magically matched the resistance level (That why I fancy Fibo studies!)

Resistance levels are 23.6% USD36, 38.2% USD52, 50% USD65 and 61.8% USD78, while support levels are USD24 and USD9. According to history, the rebound likely ended at any Fibo level mentioned earlier, but there is also a chance that what happened in year 2021 may repeat again, what do you think?

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.