GameStop Corp. (GME) is expected to report their latest quarterly numbers after the close of trading Wednesday. The shares have rallied in the past month, but has this improved the technical picture? Let's check.
In the daily bar chart of GME, below, I can see that the shares have been grinding higher from early May. The shares are trading above the rising 50-day moving average line. GME is also trading above the 200-day line but its slope is negative.
The On-Balance-Volume (OBV) line shows a rise the past year suggesting that buyers of GME are being more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In the weekly Japanese candlestick chart of GME, below, I see a mixed picture. Prices have been in a negative trend for some time now. The shares have moved above the 40-week moving average line -- more so from moving sideways than from advancing to the upside.
The MACD oscillator is just below the zero line.
In this daily Point and Figure chart of GME, below, I can see that the shares reached an upside price target in the $24 area.
In this weekly Point and Figure chart of GME, below, I can see a $42 price target.
Bottom-line strategy: I have no special knowledge of what GME will tell shareholders Wednesday evening. The stock has rallied ahead of tonight's numbers. I would tend to have no position at this point in time.
Correction: A previous version of this story misstated the day for GME's earnings.
