Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>GameStop stock price (NYSE: GME) fell 22% in the August month.</a> </li> 
 <li> <span>2</span> <a>GME stock price is trading near its 52-week low.</a> </li> 
 <li> <span>3</span> <a>GameStop Corporation scheduled the next quarter earnings on Sep 6, 2023.</a> </li> 
</ul> 
<p>GameStop (NYSE: GME) stock price fell 22% in the current month eroding the complete gains of 2023.&nbsp;</p> 
<p>GME stock has formed a bearish pattern and is trading near its 52-week low. The continuous sell-off in the GME share price indicates bears are dominating on the higher levels.&nbsp;</p> 
<p>GameStop Corporation stock is in a strong downtrend but the 200-day, 50-day EMA has gone far away. So, a short-term relief rally may trigger at any time from the lower levels.&nbsp;</p> 
<p>In the middle of August, GameStop stock broke down the crucial support of $20. It hurt the sentiment of the GME stock investors and prices fell another 20% in a short span of time.&nbsp;</p> 
<p>However, presently the GME share price is near to its long-term demand zone. So, responsive buyers might be active and will try their best to rebound.&nbsp;</p> 
<p>Previously, GameStop stock price took support near $15.00 multiple times and showed a sharp recovery. Due to that, investors are expecting a similar pattern that might be repeated in the next month.&nbsp;</p> 
<p>GME stock price closed the previous session at $17.13 with an intraday rise of 4.71%. The market capitalization stands at $5.22 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-gamestop-nyse-gme-strong-stock-strong-bounce-back-from-52-week-low-strong"><strong>Will GameStop (NYSE: GME) <strong>Stock</strong> Bounce Back from 52-Week Low?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter is-resized">
  <img decoding="async" loading="lazy" src="https://lh5.googleusercontent.com/lchvfoEPsIz4_hkrts4USt5L84nKFlPMvjjHvj2GYuuFg65iQcNRNWU-dCR9ywDHegv0WTczSNOJuj9N_KKWvbT8nXmnwyNTPlXgV4ftHTruFNYYN6rrCNKhrhGkfYof0rX1A6FptiNefMr5a6DmFg" alt="GameStop Stock: Will GME Stock Price Take U-turn After Earnings?" style="width: 100%;height:496px" width="1170" height="496">
  <figcaption class="wp-element-caption">
   NYSE: GME daily chart by <a href="https://www.tradingview.com/x/PjrJltif/" target="_blank" rel="noreferrer noopener">TradingView</a>&nbsp;
  </figcaption>
 </figure>
</div> 
<p>GameStop (NYSE: GME) stock price is in a correction phase and no reliable signs of recovery are visible. On the lower side, $15 to $16 will act as strong support and a last hope for the bullish traders.&nbsp;</p> 
<p>GameStop Corporation scheduled the next quarterly earnings on September 6, 2023. Market analysts estimated an EPS of -0.14 and revenue of $1.141 Billion.&nbsp;</p> 
<p>If the company succeeds in meeting the analyst estimate then GME share price may react positively and the possibility of taking a U-turn will increase. However, if the company fails to meet the estimates then the sell-off might continue and $15.00 support will be at risk.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-what-could-be-the-next-direction-of-gme-stock-strong"><strong>What could be the next direction of GME Stock?&nbsp;</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp;
 <div id="tradingview_060fd"></div> &nbsp;&nbsp;
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  <a href="https://www.tradingview.com/" rel="noopener nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a>
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  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NYSE:GME",

  "interval": "D",

  "timezone": "Etc/UTC",

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</div>  
<p>GME stock price is forming bearish patterns on multiple time frames. The next direction in <a href="https://www.thecoinrepublic.com/2023/08/22/gamestop-corp-gme-stock-gains-may-outperform-to-reach-30-mark/" target="_blank" rel="noreferrer noopener">GameStop stock</a> will be visible only after the release of Earnings.&nbsp;</p> 
<p>Sometimes, the earnings estimates are not met but still, stock prices react positively. So, this might also happen and investors should be prepared for it.&nbsp;</p> 
<p>In the coming weeks, volatility in the GME share prices might increase which might burn the hand of short-term traders. Therefore, it’s better to enter into either side of the trade with proper risk management.&nbsp;&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>GameStop (NYSE: GME) stock price fell 22% in the current month and formed a bearish pattern. However, the quarterly earnings are scheduled for next week which might decide the short-term direction of GME stock.&nbsp;</p> 
<p>Previously, GameStop shares had bounced back multiple times from $15.00. So, a similar kind of pattern might be repeated.&nbsp;&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $20.00and $21.92</li> 
 <li>Support levels: $16.00 and $15.42</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

GameStop Stock: Will GME Stock Price Take U-turn After Earnings?

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Thecoinrepublic.com

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