GameStop (GME) shares plunged in premarket trading on Wednesday after the 澳洲幸运5开奖号码历史查询:brick-and-mortar video gamer retailer announced a 20 million share offering and 澳洲幸运5开奖号码历史查询:repor🦩ted a 31% drop in quarterly sales, as consumers continue to pivot from physical discs to digital downloads and game streaming.

The company’s shares, which shot to prominence during a pandemic-era 澳洲幸运5开奖号码历史查询:meme stock frenzy, have seen significant price fluctuations this year as influential trader 澳洲幸运5开奖号码历史查询:Keith Gill—also known as "Roaring Kitty"—made several 澳洲幸运5开奖号码历史查询:cryptic posts about the retailer f൩ollowing a three-yearꦇ hiatus.

GameStop shares were down 13% at $20.40 about 45 minutes before Wednesday's opening bell.

Below, we’ll take a look at what the 澳洲幸运5开奖号码历史查询:technicals are saying on GameStop’s chart and identify key post-earnings p▨rice levels that investors will likely be watching.

Symmetrical Triangle Breakdown Taking Shape

GameStop shares have oscillated within a 澳洲幸运5开奖号码历史查询:symmetrical triangle since meme-driven volatility subsided in early June, with bulls succe🥃ssfully defending the pattern’s lower t▨rendline twice throughout August.

More recently, a three day w🍌inning streak up to the triangle’s top trendline came to an abrupt end on Tuesday, indicating uncertainty ahead of the video game retailer’s quarterly results.

Indeed, Wednesday’s projected earnings-driven drop opens the door for a potential 澳洲幸运5开奖号码历史查询:breakdown below the pattern.

Key Price Levels to Watch

Upon a breakdown below the symmetrical triangle’s lower trendline, invest🎶ors should monitor three important price levels.

Firstly, it’s worth watching the $18.50 area, a location on the chart where the shares may encounter support near the 200-day moving average (MA) and several 澳洲幸运5开奖号码历史查询:peaks and troughs from September 2023 to August this year.

A failure to hold above this level could see the shares fall to $15.25, where investors may seek 澳洲幸运5开奖号码历史查询:entry points near a trendline linking a period of narrow 澳洲幸运5开奖号码历史查询:consolidation on the chart between January and March.

Further selling coul🀅d drive a decl﷽ine to $13.25, about 43% below Tuesday’s close, an area where the stock would likely attract buying interest near a range of comparable lows on the chart from October to March.

Meme-Fueled Bullish Target

Amid the possibility for a meme-fueled rally in GameStop shares, it’s worth keeping an eye on the $30.50 area, where an army of 澳洲幸运5开奖号码历史查询:retail traders who have bought at lower prices may be happy to book profits near the May 13 gap close and a series of simi🐟lar trading levels in mid ✱June.

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