Game Stop is on our watch list after launching “GameStop NFT created for gamers, creators, collectors, and community members to buy, sell trade, and create NFTs (“Non-Fungible Tokens”)
GameStop stated that GameStop NFT is here as a public beta, and they’ll be expanding functionality to include more creators, web3 gaming, and multiple Ethereum environments. The Non-custodial, Ethereum-based marketplace allows you to truly own your digital assets on Loopring Layer 2 for high-speed, low-fee, secure transactions. GameStop NFT allows you to connect your own digital asset wallet, such as the GameStop wallet Browser Extension. Notably GameStop’s NFT marketplace surpassed $1 million in volume over the last 24 hours.
Technical analysis
Based on the chart below the GameStop news was well received creating above normal per 20-day average. GME closed up 5.4% on the day. Traders should watch for the support at 128.72 to hold and resistance at 144.05. If 144.05 resistance breaks GME can test 150.99, and it’s third resistance at 159.38. Overall, we think the news should drive the stocks momentum.
Canoo Inc Com (GOEV)
GOEV’s shares soared this morning after receiving a purchase order of 4,500 electric delivery vehicles from Walmart. The agreement allows Walmart to purchase up to 10,000 units, Walmart plans to use the vehicles to fulfill online orders to help reach zero-emissions by 2040, the company stated. The delivery vehicles are expected to be ready by 2023.
Technical analysis
GOEV gapped up on the news and hit as high as $5.00 per share before settling in at 3.77 in during afterhours trading. We expect this stock to be very volatile which will create a lot of trading opportunities. Typically gaps fill on charts, but it isn’t always the case, we will be watching for the 3.14 support to hold. Resistance can be seen at 4.56 and 5.49. I would keep a close eye on this one and make sure to keep tight stop losses to avoid unnecessary losses.
American Airlines Group Inc
American Airlines (AAL) stock shares moved 11% after the company provided upside Quarter 2 revenue guidance. The company saw revenue growth of 12% vs. 2Q19 compared to previous guidance of up 11-13% equating revenues of approximately $13.39 billion vs $13.3 billion.
Technical Analysis
AAL saw a surge in volume on positive Quarter 2 revenue guidance. The stock finished the day +9.98% holding gains on the move up and creating a very strong bullish candle to close the day. Traders should watch for the 13.87 support to hold and keep an eye on the 15.35 resistance. If 15.35 doesn’t get rejected AAL could see a much larger move in our opinion
Disclaimer: Everything posted is our opinion and not financial advice. Has lots of risks and you should contact your financial advisor before placing trades. You may lose your entire investment