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GameStop Technical Analysis Shows a Possible Significant Trend Reversal

By Martin Sambu, Published: January 5th, 2010 11:10 PM CST

Check out this mid-term view of Gamestop (NYSE:GME).  As you can see below, the stock has moved above its rising trendline which began in November 2008. This is bullish because it initially broke below the trendline but instead of continuing to decline, it very recently reversed course and moved up.


 Here is a closer look at last 3 months:



From a longer term view, the picture looks a bit different. The down trendline started in October 2007 and is still in play. Today, the stock closed right at the edge of this trendline. Technically speaking, the stock is still on a downtrend, yet if the stock were to move 2% above today's close ($23.50) and maintain itself for at least 3 to 5 days, then the stock would move from a long term downtrend to an uptrend.


There is, of course, big news coming out for GME on Thursday morning about the company's holiday sales. My guess is that news will be decent enough that the stock will finally break this 3 year downtrend and move up big and fast.


Disclosure: author is long shares of Gamestop Corp.

Related: GME

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