GameStop Stock Chart Illustrates Trading Lesson - GameStop (NYSE:GME)

Benzinga

2024-06-25 22:30

Market gurus come and go, but market principles never change. A look at how the GameStop chart shows a technical lesson.

　　The same type of price action also took place around the important $48 level.

　　The level was first resistance in March 2022. Then it was resistance again in August 2022.

　　On June 6 of this year, the stock took off again because of Roaring Kitty and the Reddit community. It ran into resistance around $43 and reversed again.

　　The Last Word: The term “market memory” refers to the fact that an important price level can retain its importance for a long time, for months or even years.

　　Sometimes traders have profitable positions but they have a difficult time determining a sell target. It would be logical to consider having it at a price that had previously been a peak or top.

　　GME Price Action: GameStop shares were trading 1.3% lower Tuesday at $23.34.

　　Photo via Shutterstock.

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