Overall, the market has been favoring large-cap names such as Apple, Microsoft, Netflix, and those alike as smaller cap growth names and meme stocks have taken a hit over the last several weeks,” said Jake Wujastyk on the change in attitude towards $GME. “In regards to the technical analysis side of things, GameStop did break down through the longer-term trendline … back in mid-June. However, the continuation down after this breakdown of the longer-term trend has been on very low volume. If the price closes red this week, it would be the sixth red week in a row, something that rarely happens without some type of relief bounce.
You can read more of Wujastyk’s thoughts and the full article here.