GameStop Corp. (NYSE:GME) Consolidates

Boston, MA, 04/22/2014  (usastockreport) –  GameStop Corp. (NYSE:GME) trimmed down a little on Monday after making healthy gains on Thursday. The stock managed to close just shy of its intraday low of $40.77 and consolidate at $40.97.

GameStop Corp. (NYSE:GME) has been trading in a neutral manner with healthy gains in the first week of April and has been on a downtrend since.

GameStop Corp. (NYSE:GME) is trading below its 200 day moving average which is comfortably above its current levels at $45.21 and a fairly above its 50 day moving average which is at $48.63. The stock has made some gains after it lost significant amount in the first quarter of 2014; the stock seems to be on a recovery path with the weekly charts depicting a healthy upward trend.

The momentum indicators for the stock on the daily charts are in the positive zone with a slight downward indication, this implies the stock has a positive upward trend, but could see some correction before it continues with its upward trend. The relative strength indicator is in the no trade zone which implies the stock may remain in the same levels or continue with its upward trend. The buyers are bullish for the stock and could see the stock gain back more of its losses in the upcoming trading sessions.

The stock has a resistance around $46.81 levels, a upward break out from this levels could see the stock test its previous high of $50.77, and on the downside the stock may test $34.47 which is its trend line support level. A close below these levels could see the stock test $32.82 levels which is its previous low on February 3, 2014.

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(FIGURE): Daily Chart for GameStop Corp. (NYSE:GME) 

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GameStop Corp announced on March 27, 2014 that the fiscal fourth quarter profit declines as against the previous year, the profits declined despite a rise in the sales of the company. The holiday period resulted in a decline in its new software sales.

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