Trading Gamestop $GME With Integrated Risk Controls

June 08, 2023, 11:47 am ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Price matters most to #makingmoney in the #stockmarket. Celebrating 20 years, Stock Traders Daily provides the tools that help you develop investment strategies, and this is a good example. When we couple this with our market based analysis, the probabilities of going with the flow increases, and that is material over time. The Gamestop (NYSE: GME) report below can help you, but we have more details too. The trading plans for GME, and the other 1000+ stocks we follow, are updated in real time for subscribers, but this report is static. If you want an update, or a different report, please get one here Unlimited Real Time Reports.

Longer Term Trading Plans for GME

• Buy GME slightly over 17.85 target 23.26 stop loss @ 17.8 Details

The technical summary data tells us to buy GME near 17.85 with an upside target of 23.26. This data also tells us to set a stop loss @ 17.8 to protect against excessive loss in case the stock begins to move against the trade. 17.85 is the first level of support below 21.42 , and by rule, any test of support is a buy signal. In this case, support 17.85 is being tested, a buy signal would exist.

• Short GME slightly under 23.26, target 17.85, stop loss @ 23.33 Details

The technical summary data is suggesting a short of GME as it gets near 23.26 with a downside target of 17.85. We should have a stop loss in place at 23.33though. 23.26 is the first level of resistance above 21.42, and by rule, any test of resistance is a short signal. In this case, if resistance 23.26 is being tested, a short signal would exist.

Swing Trading Plans for GME

• Buy GME slightly over 23.26, target 24.73, Stop Loss @ 23.19 Details

If 23.26 begins to break higher, the technical summary data tells us to buy GME just slightly over 23.26, with an upside target of 24.73. The data also tells us to set a stop loss @ 23.19 in case the stock turns against the trade. 23.26 is the first level of resistance above 21.42, and by rule, any break above resistance is a buy signal. In this case, 23.26, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short GME slightly near 23.26, target 17.85, Stop Loss @ 23.33. Details

The technical summary data is suggesting a short of GME if it tests 23.26 with a downside target of 17.85. We should have a stop loss in place at 23.33 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 23.26, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for GME

• Buy GME slightly over 23.26, target 24.73, Stop Loss @ 23.21 Details

If 23.26 begins to break higher, the technical summary data tells us to buy GME just slightly over 23.26, with an upside target of 24.73. The data also tells us to set a stop loss @ 23.21 in case the stock turns against the trade. 23.26 is the first level of resistance above 21.42, and by rule, any break above resistance is a buy signal. In this case, 23.26, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short GME slightly near 23.26, target 17.85, Stop Loss @ 23.31. Details

The technical summary data is suggesting a short of GME if it tests 23.26 with a downside target of 17.85. We should have a stop loss in place at 23.31 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 23.26, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

GME Ratings for June 08:

Term →	Near	Mid	Long
Rating	Strong	Strong	Weak
P1	0	0	13.11
P2	25.12	24.73	17.85
P3	26.02	26.05	23.26

Support and Resistance Plot Chart for GME

Real Time Updates for Repeat Institutional Readers:

Factset: Request User/Pass

Bloomberg, Reuters, Refinitiv, Zacks, or IB users: Access Here.