It was a strong day for GME right from the opening bell, and the stock never really looked back. GME closed up over 8% on the day, and what stood out to me the most was how decisive the move was. This wasn’t a slow grind higher or a late-day squeeze, buyers were in control early and that strength carried through the close.
Above is a daily chart of GME, and for the first time in a while, it’s finally starting to shape up in a constructive way. A couple of months ago, GME formed a clear double bottom in the $20 area. At the time, it was easy to be skeptical because the stock had already burned a lot of traders earlier in the year. But this is exactly how meaningful bottoms tend to form, quietly with plenty of disbelief along the way. That $20 level held twice, and since then the stock has been working higher in a much more orderly fashion.
What really has my attention now is the volume. Over the past 10 trading days, volume has been steadily increasing as the stock moves higher. That’s exactly what I want to see when a base starts to resolve. Rising price combined with expanding volume tells me this move isn’t just a lack of sellers — it’s actual demand coming in. To me, that adds credibility to the breakout attempt we’re seeing now.
As far as resistance goes, the next key area I’m watching is the $28 level. This is where GME failed back in early October, and it’s an obvious spot where sellers could show up again. Markets have memory, and former failure points often become the next test when momentum builds. Based on the current volume profile and the strength of today’s move, I think that’s exactly where we’re headed next.
Nothing is guaranteed, of course, but the combination of a confirmed double bottom, improving structure, and rising volume puts the odds in favor of higher prices. For now, GME looks like a stock that’s finally waking up again.
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