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

GameStop GME stock jumps 35 as buy signal breakout appears on monthly chart
GameStop is delivering power to the players again today with another massive short squeeze run. The stock soared nearly 35% today.

GameStop is delivering power to the players again today with another massive short squeeze run. The stock soared nearly 35% today.

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 are having their best daily performance of the summer. With the stock up 30% on the day.
GameStop (GME) shares are having their best daily performance of the summer. With the stock up 30% on the day.

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. 

GameStop (GME) monthly chart shows some more momentum can come into the stock if it breaks out above last month's high of $216.86/share.
GameStop (GME) monthly chart shows some more momentum can come into the stock if it breaks out above last month's high of $216.86/share.

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

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