Watch These GameStop Price Levels After 'Roaring Kitty' Post Ahead of Earnings Report

GameStop (GME) shares are once again in the spotlight following a post from investor "Roaring Kitty" Keith Gill, sending the stock soaring last week. As the video game retailer prepares to report earnings this week, investors should keep an eye on key price levels that could influence the stock's trajectory. Here's a closer look at the price levels to watch and the potential impact of earnings on GameStop's stock price.

Key Price Levels to Watch

1. Initial Move Higher: $31
- After breaking out from a descending triangle formation in late October, GameStop shares have continued their upward trend.
- The initial move higher could test key overhead resistance around $31, where the stock may face selling pressure near a trendline connecting last month's swing high with comparable price points during the meme-driven volatility in May and June.
- A decisive breakout above $31 could fuel a rally up to the $40.50 level, where investors and traders who purchased the stock at lower prices may look to offload shares.

2. Important Support Levels
- During retracements, investors should monitor the $23 level, which could attract buying interest near multiple peaks and troughs that emerged on the chart from May to October.
- Selling below this level opens the door for a fall to around $19.50, where the stock may find support near an important horizontal line that links the September 2023 countertrend high and several swing lows that formed between May and September.

Earnings Report Impact

Analysts expect EPS of -$0.01 for GameStop's upcoming earnings report, a decline from the previous quarter's $0.04. If the company beats expectations, the stock could rally, potentially testing resistance at $31 and $40.50. However, a miss could lead to a sell-off, with support at $23 and $19.50.

Investors should monitor key price levels and be prepared to adjust positions based on earnings results. The stock's historical volatility and the potential impact of earnings on its price make it crucial to stay informed and adaptable.




In conclusion, GameStop's earnings report this week could significantly impact its stock price, with key price levels around $31 and $40.50, as well as support levels near $23 and $19.50, playing a crucial role in the stock's trajectory. Investors should stay informed and adaptable, monitoring these levels and adjusting positions as needed based on earnings results.