GameStop Corporation (GME) is experiencing a notable uptick today, driven by a combination of technical factors and speculative interest. Recent discussions on Reddit suggest that the stock is in a "good position" for a potential squeeze, with users highlighting a pullback and retest of a breakout as a setup for a run higher. One user noted, "GME is prone to big moves - A jump over $50+, is important, so that as many options as possible are ITM Friday." This sentiment is echoed by others who believe that shorts are in a tight spot, potentially leading to upward pressure on the stock.
Additionally, the latest option statistics show a bullish sentiment, with calls outweighing puts by 80%, indicating a strong interest in upward movement. The open interest data reveals 917,000 calls versus 286,000 puts, further supporting the bullish outlook among retail traders. This optimism is reflected in the premarket activity, where GME was observed "doing uppies," suggesting positive momentum as the trading day commenced.
GameStop's stock is currently trading at $28.99, up 3.97% from the previous close of $27.88. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 1,663,826 shares, which is 14.80% of its average daily volume of 11,239,062 shares, indicating a strong start to the day.