New York, February 12th (TradersHuddle.com) - Shares of GameStop Corporation (NYSE:GME) ended the trading session lower by $0.38 or -1.45% from its previous close. GameStop's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
GameStop Corporation (NYSE:GME) operates specialty electronic game and PC entertainment software stores throughout the United States, Australia, Canada and Europe. The Company stores sell new and used video game hardware, video game software and accessories
GameStop's current stock range is determined by calculated support defined at $22.57 and by the resistance level at $26.58, which should be used by traders planning their next move.
If traders want to establish a position in GameStop, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor GameStop for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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