Gamestop Moves above Upper Band
Gamestop (GME) came across the Bollinger Band screen with a move above the upper band on Thursday. Such moves show underlying strength. Notice how GME plunged below the lower band in early May and then worked its way lower until July with the 20-day SMA acting as a short-term bearish reversal point. Now that the stock has surged above the upper band, watch for the 20-day SMA to act as a bullish reversal area.
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