GameStop share price has evolved in a tight range recently. Following the Federal Reserve of the United States hawkish message in the middle of June, the stock market indices recovered the initial losses and made new all-time highs. It wasn’t the case for GameStop, a meme stock, which only consolidated ever since.
Nevertheless, the price action has met dynamic support given by a rising trendline. At this point, bulls may want to try going on the long side for a move above $350.
The ability of GameStop share price to hold at such higher levels is nothing but impressive. A recent survey by Bank of America has revealed that institutional investors still have massive short interest in GameStop. Therefore, we may see yet another short-squeeze in the GameStop share price if the price bounces from dynamic support.
The technical picture looks supportive for another leg higher. The focus is on the $350 level – a close above that level should trigger massive stops moving forward.
Bulls may want to go long at market with a stop-loss order just below $150 and targeting a move above $350. At that point, one may want to move the stop to break even and trail it so to make the most of the possible short-squeeze.
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