GameStop (GME) stock jumps 35% as buy signal breakout appears on monthly chart

It's been tough sledding for GameStop shareholders this summer, with the stock languishing between $140-200/share for many weeks. Things perked up a bit today, as the stock topped it's highest price level since July 1, 2021 today. 

GameStop (GME) shares hit an intraday trading high of $225/share earlier today, and while it appears there may be some profit-taking by traders going into the close, the stock is having its best day of the summer. Many traders, investors, and onlookers are trying to explain today's share price move, and while there are some fundamental reasons underpinning the move, but the stock is also in a very interesting place on the chart. 

While the shares have pulled back a bit in the final hour of trading today, there is a key buy signal level to pay attention to on the GameStop monthly chart. A breakout above last month's high of $216.83/share triggers an outside month up buy signal. This momentum could continue into September if the stock breaks out above August's high point. Right now, there are only a few days left in August, but traders will now have a new fence post to watch for another signal of continued momentum. 

$GME