GameStop is pushing through $150 as whales join. Where should traders target?
- Whales are bullish about GameStop with a wild range in price targets from $90 to $510.
- The stock is currently trading at $149 with solid support at $90.
- If GameStop crosses over $150, it will rally to find $200.
GameStop Corporation (NYSE:GME) is trading at $149.64 and is expected to rally. The stock maintains the bullish pattern established in the last week of March. In the recent past, GameStop has attracted the attention of whales.
The most conspicuous are the activities of the large capital traders. The target price ranges between a low of $90 and a high of $510. In the futures markets, 9 out of 11 largest contracts were call options. Basically, this signals bullish expectations for the stock.
GameStop has a support level of $90 and a resistance level of $225. Over the last month, the highest price recorded on the stock is $199, while the lowest is $89. On the social scene, GameStop continued to be a trending stock. This is an overall positive sentiment anchored on the company’s strategic deals in gaming and new technologies. Heightened activity from both retail traders and now the institutional investors will continue propping the valuation.
GameStop could rise to find a $200 valuation
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Technical analysis shows that GameStop is trying to rise above $150 as a reference resistance level. If successful, the stock will move to find a valuation of $200. MACD analysis confirms that the stock is on a bullish trend. RSI of 51 shows that GameStop is far from the overbought region. This analysis also finds that overbought status will not be reached until the stock hits $200.
Summary
Copy link to sectionGameStop is attracting the attention of both retail and institutional investors. Evidence shows wild valuations between $90 and $510. GameStop will rally to $200 in the coming days.
