GameStop Set To Form Golden Cross As Bullish Pattern Develops: A Technical Analysis
Portfolio Pulse from Melanie Schaffer
GameStop Corporation (NYSE:GME) is showing a bull flag pattern, indicating a potential upward trend. If the stock breaks up bullishly from the flag formation, it could rise by about 12%, suggesting a price target of $27.50. The stock is also trading above the 200-day simple moving average (SMA), with the 50-day SMA about to cross above the 200-day, forming a golden cross. However, if bearish volume comes in and knocks GameStop down under the eight-day exponential moving average, the bull flag would be negated.
June 30, 2023 | 4:51 pm
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GameStop's stock is showing a bull flag pattern, indicating a potential upward trend. If it breaks up bullishly, it could rise by about 12% to $27.50. A golden cross is also forming, which is a bullish signal.
The bull flag pattern and the potential formation of a golden cross are both bullish signals, indicating a potential upward trend for GameStop's stock. However, if bearish volume comes in and knocks the stock down under the eight-day exponential moving average, the bull flag would be negated, potentially leading to a downward trend.
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