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This Is Where I Would Sell GME

GameStop Corporation (GME) is no longer surging higher.

Just the opposite is happening.

The 42-fold jump in late 2020 is long over, and shares are now trending lower.

In December, GME crossed its crucial 200-day moving average.

GameStop Price & Technical Analysis – Source TradingView 

Shares quickly fell 53% in less than two months.

Now is not the time to buy GameStop.

Now is the time to short it.

And here’s where I would do it…

GameStop Price & Technical Analysis – Source TradingView

GME has formed a short-term uptrend since plummeting below $90.

This is common. After all, stocks don’t go straight down or straight up.

But volume is declining. And it looks like buyers are drying up.

GME is also brushing against its 50-day moving average, which will likely act as resistance and keep the stock from going higher.

To short GME, you want to do so when it breaks the white trend line on the chart above.

You have the 21-day moving average, the 50-day moving averages, and several tight closes in a narrow range.

If last week’s high gets taken out, that would mean I’m wrong, and the stock is not ready to go lower. So I would put my stop at $133 to protect myself.

Embrace the surge,

Ross Givens

Editor, Stock Surge Daily

The post This Is Where I Would Sell GME appeared first on Stock Surge Daily.

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Ross Givens

Ross Givens

Ross Givens got the trading bug at an early age. He traded his first stock at 12 years old buying 100 shares of Microsoft. After earning a degree in Finance, he quickly learned the ins and outs of the investment business as a broker, financial advisor, and professional money manager.
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