$GME Gamestop Sideways "C" areaI want to point out the moves in this stock in the past few weeks, in the areas highlighted. If you are someone who believes in the "diamond hands", reddit stuff, and technicals are out the window, move on - this will be a waste of time.
Regardless of what may be brewing in the behind, technicals, not always, but often, tells us where the stock MAY be headed. There are no guarantees. But it's better than a guess formed by a bunch of committed users on reddit, with a avg price point of $200 GME.
Area A shows the period of indecision, consolidation, heavy activity, call it what you will, before the stock took positive momentum and shot upwards; we can see this in the technicals, with the VI, volume and RSI. Area B show a similar activity, but on the downside movement.
Now let's ask ourselves, which of A and B does the current state of the stock, area C more closely represent? I don't see volume, i don't see positive VI, or and RSI that seems to show momentum to the upside. Having said that, can it build a "base" from this point on and the price begins to go higher'? Sure. Should be closely monitored in a shorter period chart, if you're looking at this stock on a daily basis.
I've been looking at this stock and trying to block out all the noise and look purely at the technicals and patterns. As far as i can tell, i will wait and see if this momentum is to the upside, even if it means buying it at a higher price. I've seen so many "diamond hands" buying this on the way down, as if something WILL happen for sure. There are zero guarantees in life, except the fact that we are all going to die. Don't die with this stock unless convinced otherwise, folks.
Happy trading and for all GME holders, good luck.
