GameStop's shares have risen 36% over the last two days

Taking a look at GameStop’s stock as its shares have risen roughly 36% over the last two days. Currently, its share price sits around $16.24 a share after yesterday’s close. Even though the share price has impressively risen, the downward trend (highlighted by the descending trendline) remains the main dominator here. Supporting the current bearish bias. GameStop’s share price has been falling ever since the ‘meme stock’ phase has passed, however, this sharp rise may attract some buyers with the view for a move towards the resistance along the trendline. The resistance along the trendline reads $20.44, a break and close above it could indicate a bullish trend shift. Although, it is not guaranteed as it may be a bear trap (aka false breakout). The key support level here for the stock now reads $11.82, a break below it could just lead to a further slide lower. Perhaps entering single share price digits. The technical indicators were suggesting that the stock was oversold, hence another reason for the rise. The MACD is not touching its signal line and seems like it could turn positive, whereas the RSI is now neutral as it reads 46.