GameStop Close to 200 Day Moving Average

Published on Thursday, 26 January 2012 07:44 Written by Christian Paolinetti

New York, January 26th (TradersHuddle.com) - Shares of GameStop Corporation (NYSE:GME) traded at $25.00 close to its 200 day moving average currently set at $24.53. GameStop's price action is just above this key support level, and it will certainly raise traders attention, as a possible trading opportunity.

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

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $23.10 and calculated resistance at $25.00. These levels will certainly be watched by traders, as they provide insight into the latest price dynamics defined by GameStop stock.

Traders wanting to establish a position on GameStop will be looking at the price action for evidence of buying near the 200 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.