GameStop shares (NYSE:GAME) have recently enjoyed a parabolic rise in price, which is purely unsustainable. Following several months of a strange consolidating movement, the market skyrocketed from around 4.00, almost reaching 500.00. Then that was followed by a noticeable correction.
The Bollinger Bands is in a big bounce and price has gone
far above it, signaling a correction. The Parabolic SAR also has appeared above
the price, supporting the coming deep correction.
The kind of gamble that is currently seen on GAME does not have any solid fundamentals to sustain it, and therefore, the support level at 50.00 is the target for the 2021.
Teach Yourself Technical Analysis: Technical analysis
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