GameStop Corp (NYSE:GME) shares are trading higher Monday. The move comes as the broader markets show strength. The Nasdaq rose 1.10%, while the S&P 500 gained 1.16%.

Investors are focusing on GameStop’s fourth-quarter earnings. The company reports these results on Tuesday. Analysts estimate earnings per share (EPS) of 31 cents. Revenue expectations sit at $1.47 billion.

GameStop carries significant momentum into this report. The company has beaten EPS estimates in six consecutive quarters.

In the third quarter, it reported an EPS of 24 cents. This surpassed the 18-cent analyst estimate.

Short Interest Data Shifts

Benzinga data shows short interest in GameStop decreased recently. It fell from 66.88 million to 65.62 million shares. This represents 16.04% of the company's float. It would take 13.98 days for short sellers to cover their positions.

Technical Analysis

GameStop is trading 3.8% below its 20-day simple moving average (SMA) and 1.7% above its 100-day SMA, a split that points to short-term pressure but a longer-term base that's still trying to hold.

Over the past 12 months, shares are down 10.33%, and the stock is positioned closer to its 52-week low than its high.

The RSI is at 37.70, which sits in neutral territory. Meanwhile, MACD is at -0.1190 and below its signal line at 0.0781.

  • Key Resistance: $24.00
  • Key Support: $22.00

GME Stock Price Activity: GameStop shares were up 1.71% at $22.96 at the time of publication on Monday, according to Benzinga Pro data.

Photo: Stefano Chiacchiarini ’74 / Shutterstock