GameStop spiked 94% in short squeeze after Chewy co-founder added to board.
The Grapevine-based company spiked a record 94% Wednesday as retail investors flocked to the struggling company. The stock gained $11.47, or 58%, to close at $31.42 a share, a five-year high.
GameStop shares have climbed as much as 118% in the three days since news of Cohen’s addition to the board and reached the highest price since November 2015.
Gamestop closed up 11.450 at 31.400. Volume was 511% above average (trending) and Bollinger Bands were 119% wider than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the bullish or bearish trend reflected in the lower ribbon.
Gamestop is currently 268.3% above its 200-period moving average and is in an upward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect very strong flows of volume into Gamestop (bullish).
Our trend forecasting oscillators are currently bullish on Gamestop and have had this outlook for the last 33 periods.
Our momentum oscillator is currently indicating that Gamestop is currently in an overbought condition.
Overall, the bias in prices is: Upwards.
A big white candle occurred.
This is generally considered bullish, as prices closed significantly higher than they opened.
If the candle appears when prices are “low,” it may be the first sign of a bottom.
If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support.
Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
Three white candles occurred in the last three days.
Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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