GameStop continue to move as part of the fall and the downward channel. The moving averages point to a short-term bearish trend for the GME. Prices have gone down from the area between the signal lines, which indicates pressure from sellers of securities and a potential continuation of the price decline. At the time of publication of the forecast, the value of the shares is 21.05. As part of the forecast, we should expect an attempt to develop a bullish correction and a test of the resistance level near the 24.05 area. Further, a rebound down and the continuation of the fall in the value of securities. The potential target of such a movement is the area below the level of 12.55.
GameStop Forecast December 16, 2022
An additional signal in favor of reducing GameStop quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option of falling GameStop stock quotes will be a strong growth and a breakdown of the level of 25.05. This will indicate a breakdown of the resistance area and continued growth to the area at the level of 28.55. It is worth expecting an acceleration in the fall of shares with a breakdown of the support area and closing prices below the level of 19.55. Under such a scenario, the lower boundary of the descending channel will be broken, which will indicate a fall in the width of the channel.
GameStop Forecast December 16, 2022 suggests the development of a correction and a test of the resistance area near the level of 24.05. Where should we expect a rebound and an attempt to continue the fall of the pair to the area below the level of 12.55. A test of the trend line on the relative strength index (RSI) will come out in favor of the currency pair’s decline. Cancellation of the option of falling GME value will be a fall and a breakdown of the level of 25.05. This will indicate a breakdown of resistance and continued growth in value to the area above the level of 28.55.
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