What's Going On With GameStop? Stock Rips To Critical Psychological Level

Wall Street saw something Tuesday it hasn't seen in months: GameStop Corp GME up more than 10% in a trading day. The last time GameStop's stock had this big of a move was back in early June.

The stock opened up slightly from Monday’s close, at around $166 a share. Shares quickly ripped, moving up more than 4% in the first 30 minutes of trading on Tuesday. The buying frenzy picked up around 1:05 p.m. ET, with shares trading more than 16% higher on the day to $192.39 at the time of publication.

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Why Is It Moving? Traders rushed out to buy and sell shares of GameStop. There was a higher-than-average volume of shares traded at 2.7 million, which is more than double the average of 1.37 million shares traded, according to Robinhood Markets Inc HOOD.

Driven by Reddit's WallStreetBets crowd, GameStop’s stock made national news back in the early part of the year as the stock quickly rose from around $20 a share to $347 in less than a month. The stock wasn't done yet, with a resurgence in early June that brought the stock back to the $300 level.

Based on technicals, shares could see resistance at the $200 and $220 levels, but if they're able to break through, the stock could run even higher. For many traders, eyes will be on GameStop for the rest of the week.