I don't normally play meme stocks – but I thought the GME technical setup was especially intriguing recently.
The setup is a symmetrical triangle. Normally when continuation patterns come from downside – they have a bearish bias. However – we broke that red trendline with an uptick in volume – this was a hint we were ready for an actual reversal. That trendline kept us in a downtrend for about 4 months. Not only that but…
TODAY WE BROKE THE SYMMETRICAL TRIANGLE UP – WHICH MEANS ITS FULL SPEED AHEAD!
Confluence between technicals generate the best signals.
This is the best the setup has looked since GME was at 10. Price target for this is 231.52 resistance initially, followed by 348.50. Breakout is invalid and play is dead if we get a daily close back under 158.11.
And… that's it.
I've been trading for a long time and only use patterns, trendlines & volume. Keep it simple. You don't need to waste 100 hours doing 15 paragraphs of DD for one swing trade – or look at 100 different indicators cherry picking the ones that say your position will go up.
TL;DR – GME actually looks good for once from an unbiased technical standpoint
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