However just as $GameStop(GME)$ can go up like a rocket to the moon, it can just as quickly drop to the bottom of the ocean.
Still FOMO traders will jump in but I prefer to stay away as Gamestop is not a strong company fundamentally. It has risen so much due to the power of social media.
I find it is better to invest in $NVIDIA Corp(NVDA)$ as it is a quality stock that has lots of exponential growth ahead.
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Hey koolgal, thank you for sharing your insights. those fans of Roaring Kitty. Sure will have raining money coming down on them! You are so right about it being able to come down as fast as it can go up!
I donβt succumb to FOMO. Before I jump in, I analyse all the fundamentals and indicators to make informed decisions that actually pay off. Like I did last night before I was late to the party ha ha.
Nvidia? Now thatβs a different story β itβs a quality stock with exponential growth potential. Speaking of which, how are your trades going with Nvidia? Whatβs your profit to date? Are you holding long, or did you just hop on the bandwagon? what's your thoughts on where it will close before the stock split? i'm working on some numbers around that now, so I'd be interested to compare notes With a seasoned pro like yourself!
Regarding GME, Iβve taken a detailed look at the indicators etc. The key levels identified, such as the initial resistance around $47.23, the potential bottom at $44.45, and a projected rise to $87.73. The Fibonacci retracement levels and the stochastic RSI reinforce these levels. Specifically:
β’ The 15-minute and 60-minute RSI indicate overbought conditions, suggesting a potential short-term pullback.
β’ The support at 44.45 aligns with the 38.2% Fibonacci retracement level, making it a strong candidate for the bottom.
β’ The ambitious climb to 87.73, the 100% Fibonacci extension level, is plausible considering GMEβs historical volatility and market dynamics.
I consistently scrutinise fundamentals and indicators before making any moves, perhaps, unlike your conservative and risk-averse approach. Sometimes, taking calculated risks is essential to achieve substantial gains. Itβs not just about hopping on trends; itβs about making informed decisions based on comprehensive analysis.
Catch you soon!
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