Gamestop (NYSE: GME) stock price is not looking very bullish after a rejection from the yearly high. In June, 2023, the Game stock surged to a fresh yearly high but couldn’t gain strength above the March high. Consequently, the meme stock is now retesting the $23.5 support level.
The US stock market is experiencing a negative sentiment this week. Since the start of the week, S&P 500 and NASDAQ 100, both indices have been sliding. As a result, Gamestop stock is down 2.87% this week and is eyeing more downside.
Gamestop Faces Headwinds Due To Management Shake-Up
According to the most recent Gaemstop news, the company has fired its CEO and appointed Ryan Cohen as its Executive Chairman. This marks the fifth CEO exit in the last 5 years. The company didn’t provide any reason behind the sudden move.
Gamestop stock price is currently more than 80% down from its all-time high, and there are no signs of recovery. It appears to have become just a meme stock that often experiences huge volatility spikes. The stock doesn’t appear to be a great long-term buy at the moment.
Gamestop Stock Price Prediction 2023
The NYSE: GME stock chart shows that the stock surged as the latest quarterly report revealed a profitable quarter for the first time in the last two years. However, the bulls lost momentum after tagging fresh yearly highs, and the price tanked 17%.
Gamestop stock price prediction will become extremely bearish if it breaks below $23.5 support. In this scenario, I expect a retest of the May lows, which lies around $18. This will be more than 20% downside from the current price level.
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