Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- GameStop share price looks bullish while holding above dynamic support. The short interest remains huge from institutional investors.
GameStop share price has evolved in a tight range recently. Following the Federal Reserve of the United States hawkish message in the middle of June, the stock market indices recovered the initial losses and made new all-time highs. It wasn’t the case for GameStop, a meme stock, which only consolidated ever since.
Nevertheless, the price action has met dynamic support given by a rising trendline. At this point, bulls may want to try going on the long side for a move above $350.
The ability of GameStop share price to hold at such higher levels is nothing but impressive. A recent survey by Bank of America has revealed that institutional investors still have massive short interest in GameStop. Therefore, we may see yet another short-squeeze in the GameStop share price if the price bounces from dynamic support.
GameStop Technical Analysis
The technical picture looks supportive for another leg higher. The focus is on the $350 level – a close above that level should trigger massive stops moving forward.
Bulls may want to go long at market with a stop-loss order just below $150 and targeting a move above $350. At that point, one may want to move the stop to break even and trail it so to make the most of the possible short-squeeze.
GameStop Share Price Forecast
Follow Mircea on Twitter.
