Well most of us do know about the Gamestop earnings beat. Well that beat propelled the stock up breaking the descending trendline which has capped the upside since January 2014, now approaching strong horizontal resistance at the $44.70-$46.70 area.
My approach to entering long on the trade prior to a possible break of horizontal resistance would be to wait for D1 chart pullbacks and buying the dip. As always, I will wait for bullish candlestick confirmation when buying pullbacks.
This is merely being added to my equity watch list of potential trade setups that I want to keep my eye on, if the price action does not meet my criteria for entry then I will simply wipe the stock mentioned off of my watch list and move on to look for better opportunities... which there is always more opportunities.
Cheers =)
My approach to entering long on the trade prior to a possible break of horizontal resistance would be to wait for D1 chart pullbacks and buying the dip. As always, I will wait for bullish candlestick confirmation when buying pullbacks.
This is merely being added to my equity watch list of potential trade setups that I want to keep my eye on, if the price action does not meet my criteria for entry then I will simply wipe the stock mentioned off of my watch list and move on to look for better opportunities... which there is always more opportunities.
Cheers =)
