Published on Wednesday, 26 September 2012 09:20 Written by TradersHuddle Wire
New York, September 26th (TradersHuddle.com) - GameStop Corporation (NYSE:GME) closed the trading session at $20.88, near its 200 day moving average set at $21.08. GameStop's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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, placed calculated support at $17.94 and resistance at $23.79. Traders should closely monitor these levels, as they provide great reference points for the latest price action in GameStop.
If traders want to establish a position on GameStop, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
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