$GME: The Next Big Move You Don't Want To Miss 🚀Hi everyone,
Welcome back to another technical analysis update that has proven effective! Here's a quick recap:
RECAP:
Using our MTTSA/Metric Pro indicators, the price moved above the hourly mark indicating an upward trajectory toward the daily mark, which it successfully reached. After a brief dip to the $10.70 range, it climbed back above the hourly and broke past the daily level. The price then ascended to the weekly resistance, previously unbroken in three attempts, but this time, GME surged through it, reaching a new daily high of $17.43.
CURRENT STATUS:
I believe the options chain is primed for a Gamma Squeeze, marking the beginning of a potential major move toward the monthly resistance at $20.
What is a Gamma Squeeze?
A gamma squeeze occurs when the price of a stock rises sharply as market makers who sold call options must buy more of the stock to hedge against their increasing exposure, thus driving the price even higher.
CURRENT STATUS cont.:
If GME can surpass and sustain above this level, we might witness a squeeze surpassing the one from 2021. Using the Fibonacci sequence from the top of 2021 to the recent low, our targets are: 0.236 ($17.92), 0.382 ($25.79), 0.5 ($34.63), 0.618 ($46.49), and 1.618 ($564.22). GME needs to break past the 0.236 level to progress to the 0.382. Watch for resistance at the 0.5 and 0.618 levels. Additionally, GameStop has broken out of a three-year wedge pattern, which could be significant.
DOWNSIDE SCENARIO:
Should there be a retracement, look for GME to potentially fall back to the weekly level at $14.36.
CONCLUSION:
As always, this isn't financial advice, but prepare yourselves—this could be a monumental ride past the moon, heading straight to Pluto and beyond!
