Gamestop Stock TA April 2, 2024 - Finding GME Support and Resistance Technical Analysis.
GME has been in a falling wedge pattern since 2021, sometimes called a bullish falling wedge, although I think when a stock is coming down from a short squeeze over-valuation type run up we need to be careful using the word 'bullish'.
I reserve that definition for when stocks are trading in a pattern based on some sort of normal valuation.
Either way, there are still definable support and resistance levels we can identify in the Gamestock TA by identifying proper support and resistance levels and this is the method I have been successfully using to trade GME for the last couple years rather than long term hold as GME's price inevitabely declines to a price the market considers fair value based on future earnings.
My basic strategy: buy at support, sell at resistance, then wait for a re-tracement to support, rinse and repeat.
When the valuation of GME stock reaches a level the market likes, or on news of some strategic change in direction from Gamestop management I will entertain a new strategy.