Meanwhile, just days prior to the NFT announcement, GME topped the list of stocks with the most social media buzz as it announced a four-for-one stock split. Further, Micheal Patcher, Wedbush Securities analyst, gave an update on the stock, remaining wary of the company’s fundamentals. Presently, GME shares are up over 13% in the past five days, with most other stocks down in 2022.
GME chart and analysis
GME shares closed up over 3% in yesterday’s session; however, a double bottom has been noted on the daily chart, which usually indicates a change in sentiment. Prices have been rising strongly recently, so it may be a good idea to wait for a consolidation or retreat before considering an entry. Furthermore, a possible support zone could have formed around the $140.39 level, while resistance is likely around $146.51. Analysts rate the shares a moderate sell, with the average price prediction for the next 12 months at $70, -50.45% lower than the current trading price of $141.28. GameStop is still heavily shorted with short interest at more than 22% of the total float, and the stock price has been hurt with the CFO deciding to leave the company on July 7. Similarly, the company also announced that it would be reducing staffing across the company. Since there is still buzz around the stock that started the meme investing craze, it is hard to predict where the shares will go from here. One thing is certain: more volatility can be expected in the short term. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
