Will GameStop recover?
Published on Friday, 28 December 2012 06:48 Written by TradersHuddle Wire
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.
- GameStop - Shares Seeking Direction
- Trading Idea: Is GameStop Breaking Down?
- GameStop near Support
- GameStop Is Near Resistance
- InvestorsObserver releases comments on Sony, Campbell Soup, Ross Stores, Tesla, and GameStop
- GameStop near Support
- Is GameStop Breaking Out?
- How to Play the Building Momentum in GameStop
- Bulls and Bears on the Trenches of GameStop
- Approaching Resistance: GameStop
Related Partner Headlines
- Social Market Analytics Looks at Market Sentiment for GameStop - Benzinga
- GameStop Corp Stock Downgraded (GME) - TheStreet.com
- UPDATE: Ascendiant Capital Markets Reiterates Buy Rating, Raises PT on GameStop - Benzinga
- An Election-Proof Strategy - TheStreet.com
- GameStop Corp Stock Upgraded (GME) - TheStreet.com
- GameStop Corp (GME): Today's Featured Services Winner - TheStreet.com
- Sony Announces New PlayStation Hardware - Benzinga
- GameStop Corp (GME): Today's Featured Retail Winner - TheStreet.com
- Wikipad Coming To GameStop October 31, 2012 - Benzinga
- GameStop Announces Buy In-Store, Redeem Online eGuides - Benzinga
Recent Trading Ideas
Chesapeake Energy Is Close to Resistance
Windstream Is Near its 50 Day Moving Average
Applied Materials Is Close to Resistance
E*TRADE is Near a Key Support Area
First Solar is Near a Key Support Area
Trading Idea: Is Monster Worldwide close to Support?
Trading Idea: - Is Walgreen close to Resistance?
Latest Partner Headlines
Dow Today: Verizon Communications (VZ) Higher - TheStreet.com
Separating the Bargains From the Busts - TheStreet.com
Cramer Quick Take: The 60-Inch TV Will Be Key This Holiday - TheStreet.com
Cramer Quick Take: Cisco Wins If Fiscal Cliff Is Resolved - TheStreet.com
Gap Up and Sit - TheStreet.com
Apple, Intel, MicroStrategy: Tech Winners & Losers - TheStreet.com
Windows 8 PC Sales Disappointing: Report - TheStreet.com
Cramer Quick Take: Buy Home Depot and Lowe's - TheStreet.com
Dow JonesCompany ID [INDEXDJX:.DJI] Last trade:15,303.10 Trade time:4:36PM EDT Value change:▲8.60 (0.06%)
S&P 500Company ID [INDEXSP:.INX] Last trade:1,649.60 Trade time:4:35PM EDT Value change:▼0.91 (-0.06%)
NASDAQCompany ID [INDEXNASDAQ:.IXIC] Last trade:3,459.14 Trade time:5:15PM EDT Value change:▼0.28 (-0.01%)
In The Wires
JJsHouse Is Now Providing Big Discounts On Its Bridesmaid Dresses
Online Rebates Browser Add-On Distribution Via Software Bundling Powerful Means of Distribution
Sun Damage – Are UV Rays Addictive?
Ford Plans to Hire 3,500 Workers, Reflecting Job Trends on EngineeringCrossing.com
Zamansky & Associates LLC Announces That It Is Investigating LPL Financial Over An Alleged $2 Million Theft By A Financial Advisor
Nodah.com: New Website Launch with the Best Hotels in the Top 43 Cities around the World
Playa del Rey Moving Company Provides Tips for Moving Heavy Furniture
How To Stop Drafts and Save On Home Energy Bills This Summer - New Draft Stoppers Now Available From Battic Door Energy Conservation