Touch
#8 Update
#DoubleBottom $GME
#Gamestop ♾
Model: Price attempts to touch near upper trend, price dips below the Hull Moving Average, (Repeat). The days and weeks ahead will speak for themselves.
Comments: As you can see here, in both Price Action on a micro timeline and RSI on a more macro timeline, we have created a Double Bottom. This is a pretty strong confirmation that the stock does not want to head to the bear zone after breaking centerline on the RSI and accumulating. Currently we are set right at the RSI Centerline. Folks, there is only two things that can happen now; Reject or Break. Seeing that price action has touched the trend line and settled less than .20 cents below, I imagine next week could start with a back test of the previous accumulation resistance area of ~$22.72, then start to head up to our next trend resistance area of ~25.50.
With our greatest quarter in history coming early, the shareholder meeting on July 7th, recent Ryan Cohen interviews, Forms 425, Presentation promises of a detailed presentation of the strategic rationale and operational plan for the combined company, we have a lot to be excited about.
P.S. To be fully transparent, Ryan Cohen broke my model & as Richard Newton has said, "Models are meant to be broken". On June 2nd, GameStop released its Q1 earnings early. This caused the price to open up the following day at ~$23.66, which was exactly the top of the upper trend line and the exact point where the Hull Suite flipped red. Price action was immediately shut down back to the range it was trading at previously, so I don't consider it to be fully broken. - See comments below for a zoom in on this.