GGME - next sector ready to run?
If equities are preparing to take another leg up,
GGME
looks like it has potential to participate. Especially if we get good insight into gaming an entertainment from MSFT and AMD this week.
After a lengthy consolidation we see that it stalled exactly where we would expect it to: the 0.382 of the retrace from November 2021 high, and at the volume weighted average price anchored to the same point.
If this is the case, we would expect to see a tight flag form, break out and test the AVWAP from the 11/2021 high, and then likely move to the 0.618 of the retrace from 2021. A move back below 35.5-36 would invalidate.
GGME
looks like it has potential to participate. Especially if we get good insight into gaming an entertainment from MSFT and AMD this week. After a lengthy consolidation we see that it stalled exactly where we would expect it to: the 0.382 of the retrace from November 2021 high, and at the volume weighted average price anchored to the same point.
If this is the case, we would expect to see a tight flag form, break out and test the AVWAP from the 11/2021 high, and then likely move to the 0.618 of the retrace from 2021. A move back below 35.5-36 would invalidate.