GME - We gave an entry at ~$19 on the 3rd higher low from the bottom of the flag -- Swinging on the monthly here we think big things here for GameStop
Swing to top of Flag and beyond!
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Greetings, Traders! Today, I want to share an exciting technical analysis discovery on the stock of GameStop Corp. (GME). A bull flag pattern has been identified, indicating the potential for an upward breakout and continued bullish momentum. Let's delve into the details!📈 Ticker:
GME📅 Timeframe: Daily Chart
📊 Pattern: Bull Flag
📉 Understanding the Bull Flag Pattern:
A bull flag is a continuation pattern that forms after a significant upward price movement (flagpole), followed by a consolidation phase (flag). This pattern suggests a temporary pause in the trend before the resumption of the upward momentum. It is typically seen as a bullish signal.
🔍 Identifying the Bull Flag on
GME:Upon analyzing the daily chart of
GME, the following observations come to light:1️⃣ Prior uptrend:
GME witnessed a substantial upward move, forming the flagpole.2️⃣ Consolidation phase: A parallel channel pattern has formed, resembling a flag, characterized by relatively stable price action and diminishing trading volume.
3️⃣ Continuation signal: The bull flag pattern suggests a potential continuation of the previous upward trend.
📈 Price Targets and Trading Strategy:
If the bull flag pattern on
GME plays out as expected, a potential bullish breakout above the upper channel boundary might occur, signaling a continuation of the uptrend. Consider the following price targets:1️⃣ Target 1: Resistance level near $350.00
2️⃣ Target 2: Psychological resistance near $400.00
🛡️ Risk Management:
As with any trading strategy, effective risk management is crucial. Implement the following risk management techniques:
1️⃣ Set a stop-loss order below the lower channel boundary to protect against unexpected price reversals.
2️⃣ Adjust position size based on your risk tolerance and overall portfolio management strategy.
🔔 Conclusion:
Stay watchful as GameStop Corp. (
GME) continues to develop this bull flag pattern. The formation suggests the potential for an upward breakout and continued bullish momentum. However, please remember that technical analysis has limitations, and market conditions can change rapidly. Combine this analysis with other relevant factors before making any trading decisions.Disclaimer: This post is for informational purposes only and should not be considered as financial advice. Always conduct your own research and consult with a qualified financial professional before making any investment decisions.
Happy Trading! 📈💰
#TechnicalAnalysis #BullFlagPattern #GME #BullishMomentum #TradingView
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Disclaimer
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Youtube: youtube.com/channel/UCO85FMvCQzxq5QBEOpERkRg
Linktree: linktr.ee/swingtradepros
Website: swingtradepros.com
Discord: discord.gg/swingtradepros
Linktree: linktr.ee/swingtradepros
Website: swingtradepros.com
Discord: discord.gg/swingtradepros
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.