GameStop near Key Support Area

Published on Friday, 10 February 2012 06:56 Written by TradersHuddle Wire

New York, February 10th (TradersHuddle.com) - Shares of GameStop Corporation (NYSE:GME) are trading very close to calculated support at $23.17 with current price action closing at just $24.08 places the stock price near levels where traders will start paying attention.

GameStop's current stock range is defined by current calculated support defined at $23.17 and by the resistance level at $25.86, which should be used by traders planning their trades. These support and resistance levels are based on an algorithm of peaks and troughs of the stock price action.

Traders wanting to establish a position should place close attention to GameStop's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $25.86 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

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