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

By James Quinn

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 $7.11 and $7.17 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.

Glu Mobile Inc (NASDAQ:GLUU) is currently priced 15.7% above its average consensus analyst price target of $6.00. The stock should run into initial resistance at its 50-day moving average (MA) of $8.12 and subsequent resistance at its 200-day MA of $8.48.

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.

Over the past year, Glu Mobile Inc has traded in a range of $5.08 to $11.75 and is now at $7.12, 40% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 2.8%.

SmarTrend recommended that its subscribers protect gains by selling shares of Glu Mobile Inc on May 7th, 2019 by issuing a Downtrend alert when the shares were trading at $9.84. Since that call, shares of Glu Mobile Inc have fallen 27.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle glu mobile inc

Ticker(s): GLUU