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Possible Bearish Inside Day Candle Pattern Detected for Glu Mobile Inc (NASDAQ:GLUU)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Glu Mobile Inc (NASDAQ:GLUU) based on the price action in the company's shares. Today's price range of $11.09 and $11.09 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Glu Mobile Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Glu Mobile Inc share prices have been bracketed by a low of $4.07 and a high of $11.75 and are now at $11.09, 172% above that low price. The 200-day and 50-day moving averages have moved 0.57% higher and 0.70% higher over the past week, respectively.

Glu Mobile Inc. develops and publishes mobile games on a global basis. The Company develops its games and related applications based on third-party licensed brands and other intellectual property, as well as on its own brands and intellectual property.

Glu Mobile Inc (NASDAQ:GLUU) is currently priced 45.9% above its average consensus analyst price target of $6.00. The stock should find initial support at its 50-day moving average (MA) of $10.11 and further support at its 200-day MA of $8.03.

SmarTrend is tracking the current trend status for Glu Mobile Inc and will alert subscribers who have GLUU in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle glu mobile inc

Ticker(s): GLUU