GameStop and AMC Entertainment Stocks Skyrocket in 2025: Prices Surge Amid Meme Stock Comeback

Spotlight on Critical Price Levels for GameStop and AMC

Updated: June 2024 – Early trading data included for accurate market insights.

Highlights

• GameStop (GME) and AMC Entertainment (AMC), iconic meme stocks from the pandemic era, surged again in early 2024, following more than 70% gains the previous day, sparking fresh short squeeze activity.
• The recent rally resulted in nearly $1 billion losses for GameStop short sellers, intensifying buying momentum.
• GameStop faces potential resistance between $37.50 and $63.50 – a crucial zone shaped by historical price action.
• AMC encounters resistance near $13, influenced by the 50-day moving average and a key horizontal support line dating back to March 2020 lows.

The legendary meme stocks GameStop and AMC Entertainment experienced a remarkable resurgence in early 2024, evoking memories of the viral social media-driven rallies of 2021. Back then, GameStop’s shares soared over seventeen times their value, while AMC’s stock skyrocketed sixfold, causing significant challenges for hedge funds betting against them.

This latest surge was largely sparked by influential online figure “Roaring Kitty” returning to social media after a three-year break, igniting investor enthusiasm and triggering substantial short squeeze dynamics. Data from S3 Partners highlights nearly $1 billion in losses for GameStop short sellers, signaling a compelling buying opportunity fueled by urgent short covering.

Below, we analyze the technical charts for both stocks, identifying pivotal price levels that traders and investors should watch closely in the coming sessions.

GameStop (GME)

Reviewing the weekly chart, GameStop shares have been trading within a descending channel since peaking in January 2021 during the height of the meme stock craze. Recently, the stock moved upward toward the channel’s upper boundary and the 50-day moving average, indicating renewed bullish momentum. Monday’s impressive 74% price jump, supported by above-average volume and closing above the 200-day moving average, suggests potential for continued gains.

Investors should monitor the $37.50 to $63.50 resistance zone closely, as it represents a critical barrier formed by prior price activity. Surpassing this range could set the stage for a retest of GameStop’s all-time high near $120.75.

Shortly after Tuesday’s market open, GameStop shares surged an additional 63%, reaching $49.58, underscoring strong upward potential.

AMC Entertainment (AMC)

On the weekly chart, AMC’s stock has mostly traded within a descending channel since peaking above $390 in June 2021, with occasional bullish breakouts such as last summer’s bull trap. Volume trends have increased markedly even as prices reached new lows, suggesting accumulation near the lower trendline as social media buzz around a meme rally gains traction.

Market watchers should focus on the $13 resistance level, where profit-taking may occur due to overlapping resistance from the 50-day moving average and a horizontal support line tracing back to March 2020 lows.

Following a substantial 78% rise on Monday, AMC shares climbed another 80% to $9.35 early Tuesday trading, signaling continued strong investor interest.

Disclaimer: All opinions and analyses provided here are for informational purposes only and should not be construed as financial advice. Please review ZAMONA’s warranty and liability disclaimer for more information.

The author holds no positions in the stocks discussed as of the article’s publication date.

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