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Actionable news in GME: GAMESTOP Corp CLASS A,

GameStop (GME) Stock Gets Going, Could Rise 25%

NEW YORK (TheStreet) -- Gamestop (GME - Get Report) looks poised for further gains, as the charts suggest an upside breakout soon.

Unlike many stocks this summer, GME did not suffer a big decline in August. Prices moved down about $6 to $7 over a two-month period, and the On-Balance-Volume (OBV) line hardly budged, suggesting that many of the people who held GME stayed with those positions. The 50-day and 200-day moving averages are also in a positive configuration, with the 50-day above the rising 200-day.

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In this second chart of GME, above, we can see how rallies above $47 to $48 have run out of steam the past two years. With the improved short-term picture for GME in the first chart, above, we would go long GME with a close above $48 and then use a sell stop below $45 if prices suddenly retreat. Taking the height of this long consolidation and adding it to the breakout gives us $56 as...


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