It’s GameStop earnings day: GME slips below $200 ahead of results

Texas-based company GameStop is scheduled to report its first quarterly earnings on Tuesday after market close. The company expected to post adjusted earnings of $1.42 per share, on more than $2.2 billion in revenue.

Even though fundamentals didn’t work much with this stock from the last couple of months the traders are eagerly waiting for the earnings results. in late January, the surprising surge in GameStop stock, triggered by the individual investors on the Reddit forum r/wallstreetbets pushed shares from US$20 to US$480.

Will today’s results help the $GME to gain further upside momentum?

By starting of 2021 the stock was trading below twenty dollars. Over the last 3 months, the video game retailer stock exploded by more than 2500% and the price has risen as high as $483. Meanwhile, the stock retreated to $40 area later. But by March, $GME share price had risen again.

Technically the overall momentum remains mixed throughout the last couple of days after the first two weeks rally in this month. On Monday, the stock closed below the $200 level. In the short term if the bearish momentum continues the next downside target at $175 and $160. On the flip side, if the price holds above $210, the next immediate resistance to watch $230 and then $245.

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.