{"id":215130,"date":"2024-11-14T08:49:47","date_gmt":"2024-11-14T13:49:47","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=215130"},"modified":"2024-11-15T04:08:23","modified_gmt":"2024-11-15T09:08:23","slug":"chart-advisor-game-on-in-gamestop","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-game-on-in-gamestop\/","title":{"rendered":"Chart Advisor: Game On in GameStop"},"content":{"rendered":"\n

By\u00a0Tom Bruni, CMT<\/a><\/p>\n\n\n\n

1\/ It\u2019s Game On in GameStop<\/strong><\/p>\n\n\n\n

2\/ Buying Bottom Breakouts<\/strong><\/p>\n\n\n\n

3\/ The Dollar Does It Again<\/strong><\/p>\n\n\n\n

4\/ Cocoa Futures Ready to Fly\u00a0<\/strong><\/p>\n\n\n\n

Investopedia is partnering with CMT Association on this newsletter. \u00a0The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest authors, which may sell research to investors, and may trade or hold positions in securities mentioned herein do not represent the views of CMT Association or Investopedia. Please consult a financial advisor for investment recommendations and services.<\/em><\/p>\n\n\n\n

1\/<\/h2>\n\n\n\n

It\u2019s Game On in GameStop<\/strong><\/p>\n\n\n\n

With market bulls partying like it\u2019s 2020-2021 again, it\u2019s no surprise to see\u00a0meme stocks<\/a>\u00a0making their way back into the field of play. On Stocktwits one of the original \u2018meme stocks\u2019 is once again catching the attention of retail.<\/p>\n\n\n\n

GameStop ($GME<\/a>) experienced a flow of unusual call buying over the last few weeks with the buyers targeting several upside strikes and expiration dates. On top of that, the price action has been improving as traders speculate on whether Keith Gill (aka\u00a0Roaring Kitty<\/a>) could return to the scene following his sale of Chewy shares.<\/p>\n\n\n\n


Below is a monthly chart of GameStop stabilizing above long-term\u00a0support and resistance<\/a>\u00a0around $15 after briefly breaking below it in the first half of the year. Now, with prices stabilizing above that range and turning higher, traders are looking to see if the stock can catch fire again and retarget its 2021 highs.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Funnily enough, the underlying company\u2019s\u00a0balance sheet<\/a>\u00a0is in much better shape than it\u2019s been in a while thanks, of course, to its at-the-money secondary offerings during the last rally. If management can crack the code to grow revenues again, this \u2018meme stock\u2019 could become a thriving business.<\/p>\n\n\n\n

2\/<\/h2>\n\n\n\n

Buying Bottom Breakouts<\/strong><\/p>\n\n\n\n

With many stocks trading at or near all-time highs, many retail investors and traders in the Stocktwits community are looking for \u201ccatch-up\u201d plays in stocks and sectors that are still well below their 2021\/2022 highs.<\/p>\n\n\n\n


One prime example of the setups they\u2019re looking for is Similarweb Ltd. ($SMWB<\/a>). The stock has spent the last three years building out a long rounding base<\/a>\u2026and is finally clearing it to the upside. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

From a technical perspective, investors like these types of trend reversals because the risk is very easy to define. In the case of Similarweb, a technical analyst might define their risk against a level that invalidates the breakout for their timeframe. Some options include the previous highs near $9.50, the most recent pivot low near $8.50, or the\u00a0200-day moving average<\/a>\u00a0near $8.10, depending on how much room one wants to give the breakout.<\/p>\n\n\n\n

Regardless of how this setup performs, the messaging is clear. Market participants are hungry for catch-up plays and are searching far and wide for them.<\/p>\n\n\n\n

3\/\/<\/h2>\n\n\n\n

The Dollar Does It Again<\/strong><\/p>\n\n\n\n

The\u00a0U.S. Dollar Index<\/a>\u00a0has gotten a lot of attention recently due to its choppiness over the short and intermediate-term timeframes. However when we back up and take a longer-term view, it\u2019s still very much\u00a0in an uptrend.<\/a><\/p>\n\n\n\n


Below is a monthly chart showing prices stabilizing again above former support\/resistance near 99 and pushing back toward 105. Additionally, momentum (as measured by the\u00a0monthly RSI<\/a>) remains in a bullish regime\u2014getting overbought regulatory and not oversold on corrections.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

If the recent lows in the dollar continue to hold, then bulls should look for prices to retest their highs near 120 from the early 2000s. That type of move could take years to play out given that this represents a basket of currencies. Still, it\u2019s one chart to watch, especially if you believe a new commodity bull market has started. A strong U.S. Dollar could be a marginal headwind.<\/p>\n\n\n\n

4\/<\/h2>\n\n\n\n

Cocoa Futures Ready to Fly\u00a0<\/strong><\/p>\n\n\n\n

Traders are in love with the cocoa, specifically\u00a0cocoa futures<\/a>, as prices find their footing once again above support. After a massive run during 2023, prices stabilized at higher levels and worked off their\u00a0overbought conditions<\/a>\u00a0over time for most of the last six months.\u00a0<\/p>\n\n\n\n

During this period momentum (as measured by the daily RSI) has not gotten oversold, showing buyers remain in control. And finally, the 200-day moving average continues to have an upward slope providing a continued tailwind for bulls.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The productivity software small-cap stock currently has 7% of its float short, but the Stocktwits community is not yet betting on a\u00a0short squeeze.<\/a>\u00a0Sentiment remains \u2018bearish\u2019 despite shares rallying almost 10% today. Still, some say shorts are vulnerable to more pain ahead as buyers bet on further mean reversion.<\/p>\n\n\n\n

—
Originally posted 13th November 2024<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

By\u00a0Tom Bruni, CMT 1\/ It\u2019s Game On in GameStop 2\/ Buying Bottom Breakouts 3\/ The Dollar Does It Again 4\/ Cocoa Futures Ready to Fly\u00a0 Investopedia is partnering with CMT Association on this newsletter. \u00a0The contents of this newsletter are for informational and educational purposes only, however, and do not constitute investing advice. The guest […]<\/p>\n","protected":false},"author":186,"featured_media":215135,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[21,16,17,18,6,8,9,22,23,26,3],"tags":[288,3352],"contributors-categories":[13686],"class_list":{"0":"post-215130","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities","8":"category-forex","9":"category-futures","10":"category-macro","11":"category-north-america","12":"category-region","13":"category-securities","14":"category-stocks","15":"category-technical-analysis","16":"category-text-articles","17":"category-traders-insight","18":"tag-cocoa","19":"tag-gme","20":"contributors-categories-investopedia"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nChart Advisor: Game On in GameStop | Traders' Insight<\/title>\n<meta name=\"description\" content=\"With market bulls partying like it\u2019s 2020-2021 again, it\u2019s no surprise to see\u00a0meme stocks\u00a0making their way back into the field of play. 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On Stocktwits one of the original \u2018meme stocks\u2019 is once again catching the attention of retail.GameStop ($GME) experienced a flow of unusual call buying over the last few weeks with the buyers targeting several upside strikes and expiration dates. On top of that, the price action has been improving as traders speculate on whether Keith Gill (aka\u00a0Roaring Kitty) could return to the scene following his sale of Chewy shares.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-game-on-in-gamestop\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chart-advisor-game-on-in-gamestop\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/11\/8jsURZqY-5.png","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/11\/8jsURZqY-5.png","width":1533,"height":849,"caption":"Chart Advisor: Game On in GameStop"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/e823e46b42ca381080387e794318a485","name":"Contributor Author","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/contributor-author\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/11\/8jsURZqY-5.png","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/215130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/186"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=215130"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/215130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/215135"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=215130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=215130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=215130"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=215130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}