Structural changes are occurring in the gaming world which might leave GME holding the bag.
Look to get short for next 30-40 days to ride down to 20.5-21.0 area.
Gamestop is at it's at the high of the range it has been in for the last 3 years.
The target on the trade will be adjusted according to the behavior of the stock. This can be anywhere from a day trade to a medium term trade, depending on the market.
For an actual explanation head on over to youtu.be and watch a short video.
Drifted down to where the fibs line up, 23.6 of the previous downtrend and 38.2 of the recent swing up. Expect it to find support here above 18. Volume continues to decline. Some shorts covered, but still a lot in there. Target is $21.
$GME hit resistance at 38.2% retrace of the last downtrend, held up to close > 10d SMA. Overbought RSI worked off now and bull flagging on reduced volume. 18.12 is 38.2% retrace of recent move up, aligns with 23.6% retrace of the last downtrend. Expecting support here and then push to around $21.
