GameStop Corp ( GME ) shares are trending on Wednesday. Here’s a look at what’s going on.

What To Know: GameStop ( GME ) shares are moving on below average volume of about 1.9 million shares on Wednesday. The stock has been rangebound in recent weeks as retail traders have fixated on other so-called meme stocks like Opendoor, but shares appear to be close to breaking out ahead of earnings next week.

The stock shows a recent high at $23.73 and a low at $23.34, indicating a tight trading range. It's currently testing resistance at $23.73, while support is solid at $23.34, which aligns with recent swing lows. 

The RSI is calculated at 53.45, indicating the stock is neither overbought nor oversold, suggesting a neutral momentum phase. The MACD shows a bullish crossover, with the MACD line at 0.15 and the signal line at 0.10, indicating potential upward momentum.

Benzinga Edge rankings show moderate fundamentals, with Value ranking 51.51/100, Growth ranking 99.76/100, Quality ranking N/A/100, and Momentum ranking 26.39/100.

GameStop ( GME ) is due to report second-quarter financial results after the market close on Sept. 9. Analysts expect the company to report earnings of 16 cents per share and revenue of $823.25 million, per Benzinga Pro estimates.

In the first quarter, GameStop ( GME ) reported mixed results, with revenue of $732.4 million missing analyst estimates of $754.24 million and adjusted earnings per share of 17 cents beating estimates of 4 cents.

GameStop ( GME ) and other meme names have seen increased attention from retail traders in recent months after a hedge fund manager highlighted Opendoor as a potential "100-bagger" in July, which sparked frenzied buying in several heavily shorted stocks. GameStop ( GME ) has short interest of 16.61%, according to Benzinga Pro.

Analysts remain cautious on GameStop ( GME ) with Wedbush most recently reiterating an Underperform rating and price target of $13.50.

GME Price Action: GameStop ( GME ) shares were down 0.66% at $23.26 at the time of publication on Wednesday, according to Benzinga Pro.

GameStop ( GME ) is currently trading slightly above its 50-day moving average of $23.09, indicating a short-term bullish trend. However, it remains below the 100-day and 200-day moving averages at $25.37 and $26.15 respectively, suggesting potential resistance levels ahead. The stock has found support near the lower end of its 52-week range of $19.30, which may provide a cushion against further declines.

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