GameStop Corporation (NYSE:GME) shares are moving on heavy volume Friday. Traders are circulating a screenshot of The Roaring Kitty's X account showing the account liked a post from February. Here's a look at what's going on.
What To Know:
Traders are circulating a social media post from Thursday which appears to show recent activity from The Roaring Kitty's X account. The Roaring Kitty account "liked" a post on X dated Feb. 14 from a movie account referencing the film, "Run, Lola, Run."
According to a Benzinga report, GameStop shares show resistance at $17.95 and at $20.10 and support below at $15.41 and at $13.36. The stock is currently oversold with its relative strength index (RSI) measuring at approximately 70%.
GameStop shares are moving on heavy trading volume Friday with more than 22.3 million shares already traded in the session. According to data from Benzinga Pro, the stock's 100-day average volume is 6.496 million shares and 26.73% of shares are being sold short.
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GME Stock Prediction 2024:
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at GameStop, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For GameStop, the 200-day moving average sits at $15.16, according to Benzinga Pro, which is below the current price of $17.75. For more on charts and trend lines, see a description here.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.
GME Price Action: According to Benzinga Pro, GameStop shares are down 1.61% at $17.72 at the time of publication Friday.
Image: Courtesy of GameStop Corporation