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

By David Diaz

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. Yesterday's price range of $7.23 and $8.00 is within the prior day'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, shares of Glu Mobile Inc have traded between a low of $4.11 and a high of $11.75 and closed yesterday at $7.32, which is 78% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 2.5%.

Based on a current price of $7.32, Glu Mobile Inc is currently 18.0% above its average consensus analyst price target of $6.00. The stock should find initial support at its 200-day moving average (MA) of $6.50 and further support at its 50-day MA of $6.06.

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.

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 am inside day candle glu mobile inc

Ticker(s): GLUU