GameStop's stock soared 5.13% in the last 24 hours, fueled by renewed interest from retail traders and the return of the infamous "Roaring Kitty" Keith Gill, who sparked the company's meme stock frenzy in 2021. The surge comes just two days ahead of GameStop's highly anticipated third-quarter earnings report on Tuesday, adding to the excitement surrounding the video game retailer.
On Thursday, Gill posted a cryptic message on social media, reigniting the fervor among his loyal followers and sparking a rally in GameStop's shares. The stock jumped as much as 14% during intraday trading before paring some gains to close the session up nearly 6%. AMC Entertainment, another popular meme stock, also joined the party, rising nearly 6% on Thursday.
Technical analysts at Investopedia have identified key price levels for GameStop's stock that traders should monitor in the lead up to the earnings announcement. If the stock continues its upward momentum, it could face resistance around $31, a level defined by a trendline connecting recent swing highs. A decisive breakout above $31 could fuel further rallies towards the $40.50 area. However, any pullbacks may find support around $23 and $19.50, where bargain hunters could step in.
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