Shares of Gamestop (GME) are about to break above the rim line of a 2 years cup and handle pattern, and their 4 day moving average. This pattern projects a price target that closes the gap and takes the stock back to $50 levels.
But what is Cup and Handle technical chart?
The cup and handle is a pattern of bullish continuation that marks a period of consolidation followed by a breakout. It was developed by William O’Neil and introduced in 1988 in his book How to Make Money in Stocks.
Some news to have in mind regarding GME stock and why cup and handle breakout could happen.