• Return to Headlines

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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $5.61 and $5.80 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. Traders and investors interested in shares of Glu Mobile Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 $4.11 to $11.75 and closed yesterday at $5.75, 40% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.9%.

Potential upside of 4.3% exists for Glu Mobile Inc, based on a current level of $5.75 and analysts' average consensus price target of $6.00. Glu Mobile Inc shares should encounter resistance at the 200-day moving average (MA) of $7.28 and support at the 50-day MA of $5.61.

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: bullish am inside day candle glu mobile inc

Ticker(s): GLUU