GameStop Corporation (GME) was trading over 9% higher at one point Monday morning. Ryan Cohen, GameStop Chairman and founder of Chewy Inc (CHWY) posted a picture of himself standing in front of a GameStop retail outlet in Florida overnight, which excited many in a number of subreddit communities such as r/WallStreetBets.

The members of such communities have continued their tireless efforts aimed at exposing the Wall Street elite. Many have also continued to directly register their shares by transferring their stock from individual brokers to Australia-based ComputerShare (CMSQY).

One of the main talking points within the community is that GameStop’s statistics don’t add up. According to the latest data, GameStop has a 61.76 million share float, of which 50.39% is held by insiders and institutions.

This means there may be only about 30 million shares remaining for retail traders. It should be noted this data can change drastically in between reporting periods, which is currently calculated just twice per month.

The community, whose members may number into the hundreds of thousands, believe together they are "hodling" most of GameStop’s float.

The GameStop Chart

GameStop reversed to the upside Monday morning, making a higher high above the Sept. 30 higher low of $185.61 before rejecting and wicking from a resistance level at the $189.20 mark.

The move higher was made on big bullish volume, which indicates a high level of investor interest has returned. By the afternoon almost 2 million GameStop shares had exchanged hands compared to the 10-day average of 1.21 million.

For technical traders, GameStop has been holding above an ascending trendline since Jan. 12, and on June 9 the stock began trading under a descending trendline. This has settled the stock into a pennant pattern on the daily chart. GameStop will meet the apex of the pennant on Oct. 28, and if the pattern is recognized, traders will want to watch for the stock to break from the pattern on increasing volume.

GameStop is trading above the eight-day and 21-day exponential moving averages (EMAs), but the eight-day EMA is trending below the 21-day, which indicates indecision. Bulls will want to see GameStop continue to trade above the 21-day EMA, which will eventually cause the eight-day to cross back above the 21-day.

Bulls also want to see GameStop pop over the higher resistance level and for big bullish volume to come in and cause the stock to break up bullishly from the pennant. Above these levels GameStop has psychological resistance at $200 and price history resistance near $209.

Bears want to see big bearish volume come in and knock the stock back down toward the $169 level. If GameStop can’t hold the level as support, it could retest the bottom ascending trendline of the pennant. If the stock were to lose the pattern as support with bearish momentum, it could revisit the $145 level.