New York, December 28th (TradersHuddle.com) - Shares of GameStop Corporation (NYSE:GME) closed the trading session at $24.67 below calculated support at $25.31. The stock broke down technically, raising concerns as the move might trigger additional selling.
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 stock was trading in a well defined range with support at $25.31 and resistance at $28.35; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $25.31 will remain in focus as GameStop's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in GameStop can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $25.31. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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