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For GME, there are currently several bullish indicators from a technical perspective. However, in my opinion, we can break it down a bit.
At the moment, we are in the corridor between $26 and $30 since 11/07/24. The $26 level now acts as a very strong support zone, while $29.80/$30 is historically one of the strongest resistance levels for GME. Whenever GME has broken through this zone with volume, it has experienced a sharp upward movement. Additionally, GME has not had a weekly close above $30 since August 2022. This zone is one of the most critical for the bears.
Once we leave the corridor between $26 and $30, we should relatively quickly reach the first target around $47. The higher resistance levels are $63, $80, and $120, with $80 likely being the strongest resistance after $30. Once $80 is breached, we enter 'unchartered territory,' and all-time highs come within reach.
Given the consolidation period so far, I anticipate a breakout towards $47 in the near future.
At the moment, we are in the corridor between $26 and $30 since 11/07/24. The $26 level now acts as a very strong support zone, while $29.80/$30 is historically one of the strongest resistance levels for GME. Whenever GME has broken through this zone with volume, it has experienced a sharp upward movement. Additionally, GME has not had a weekly close above $30 since August 2022. This zone is one of the most critical for the bears.
Once we leave the corridor between $26 and $30, we should relatively quickly reach the first target around $47. The higher resistance levels are $63, $80, and $120, with $80 likely being the strongest resistance after $30. Once $80 is breached, we enter 'unchartered territory,' and all-time highs come within reach.
Given the consolidation period so far, I anticipate a breakout towards $47 in the near future.
Note
GME looks very good on the 1D chart. Currently, we are consolidating downward within a bull flag at lower volume. I expect a rise in trading volume and price toward $36-37 in the near future.
Trade active
GME continues to look very good on the 1D chart and is still in the channel or bull flag I have drawn. According to the previous retracement, we should be on the verge of an upward breakout. If we sustainably break through the <$30 range to the downside, the structure is superfluous. Based on the chart pattern and the strong reaction on Friday, however, I assume that the structure will be resolved on the upside.
GME also looks very bullish on the 1W chart. The former strong resistance at ~$30 (in my chart the line at $29.82) has apparently been turned into support. The doji candle in a bull trend, in which GME finds itself, usually only indicates a short trend pause, which is followed by a trend continuation.
Overall, the GME chart continues to look very, very good. We would like to (finally) see an explosion in trading volume at GME, which in my opinion should be accompanied by a sharp rise in price.