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December 11, 2024, 22:14 pm ET, BY Bill T.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)
The technical summary data tells us to buy GME near 27.03 with an upside target of 37.46. This data also tells us to set a stop loss @ 26.95 to protect against excessive loss in case the stock begins to move against the trade. 27.03 is the first level of support below 28.97 , and by rule, any test of support is a buy signal. In this case, support 27.03 is being tested, a buy signal would exist.
The technical summary data is suggesting a short of GME as it gets near 37.46 with a downside target of 27.03. We should have a stop loss in place at 37.57though. 37.46 is the first level of resistance above 28.97, and by rule, any test of resistance is a short signal. In this case, if resistance 37.46 is being tested, a short signal would exist.
If 29.55 begins to break higher, the technical summary data tells us to buy GME just slightly over 29.55, with an upside target of 37.46. The data also tells us to set a stop loss @ 29.46 in case the stock turns against the trade. 29.55 is the first level of resistance above 28.97, and by rule, any break above resistance is a buy signal. In this case, 29.55, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of GME if it tests 29.55 with a downside target of 27.03. We should have a stop loss in place at 29.64 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 29.55, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
If 29.55 begins to break higher, the technical summary data tells us to buy GME just slightly over 29.55, with an upside target of 29.98. The data also tells us to set a stop loss @ 29.48 in case the stock turns against the trade. 29.55 is the first level of resistance above 28.97, and by rule, any break above resistance is a buy signal. In this case, 29.55, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.
The technical summary data is suggesting a short of GME if it tests 29.55 with a downside target of 27.89. We should have a stop loss in place at 29.62 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 29.55, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.
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This report was produced using AI developed by Stock Traders Daily. Over the past 20 years this proprietary AI has been refined to help identify the most opportune trading strategies for both individual stocks and the stock markets themselves. This methodology is also applied to Index options, ETFs, and futures. The objective of this specific report is to optimize trading in Gamestop Corporation (NYSE: GME) while incorporating prudent risk controls.