Tactical double bottom on GME

We got a question on GameStop (GME). The stock is tactically positive.

GameStop (GME) is up sharply so far today and breaking higher from a double bottom off the November and December lows with bullish confirmation from a tactical leadership breakout vs. the S&P 500, positive daily MACD, and bullish leading/confirming upside breakouts for both on-balance-volume and the advance decline volume indicator.

This tactically bullish breakout remains intact above 24 area, which is a confluence of support near the double bottom breakout point at the early December peak, 200-day moving average, and today's session low. While above 24, GME shows upside potential beyond the 38.2% retracement of the May-November 2025 decline at 26.00, which the stock nearly tested today, toward the 50% retracement, early October peak, and double bottom pattern count at 27.87-28.10. If needed, the 61.8% retracement at 29.84 offers the next potential upside target if GME continues to rally.

If the 24 level fails to hold, GME shows a tactical higher low and rising 13-. 26-. and 40-day moving averages from 22.82 to 21.86.

Chart 1: GameStop (GME) (top), relative to the S&P 500 (center), and MACD (bottom)

Chart 2: GameStop (GME) (top), on-balance-volume (center), and volume advance decline (bottom)