(NEW YORK)–After a major pullback GameStop (NYSE: GME) may positioned for a strong technical short cover bounce off its 50-day support line.
After its mega run it was only expected that Wall Street powers that be would regain control to bring GME down to cover what they can. GME has pulled back from $150 to $300 range, but down at $51 it may be worth taking a position for potential short cover bounce off key support.
GME has pulled all the way back to its 50-day moving average, which may trigger computer programmed short cover orders for potential short-term, but significant bounce, from $51 price.
The RSI on GME chart has also reset back below 50, which gives it plenty of room on upside if any bounce should occur.
For these reasons Trader Madness has issued short-term technical bounce watch on GameStop (GME) at $51
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