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Watch for Shares of GameStop (GME) to Approach Resistance at $35.47

Published on Mon, 04/29/2013 - 09:44
By Adrienne Chilton

GameStop (NYSE:GME) has opened bullishly above the pivot of $34.54 today and has reached the first level of resistance at $35.05. Investors may be interested in a cross of the next upside pivot targets of $35.47 and $36.40.

In the past 52 weeks, GameStop share prices have been bracketed by a low of $15.32 and a high of $35.14 and are now at $35.09, 129% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.7% while the 50-day MA has advanced 2.9%.

GameStop Corporation operates specialty electronic game and PC entertainment software stores throughout the United States, Australia, Canada and Europe. The Company stores sell new and used video game hardware, video game software and accessories, as well as PC entertainment software, and related accessories and other merchandise.

Based on a current price of $35.09, GameStop is currently 16.0% above its average consensus analyst price target of $29.47. The stock should find initial support at its 50-day moving average (MA) of $27.84 and further support at its 200-day MA of $23.68.

By Adrienne Chilton