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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. Yesterday's price range of $9.67 and $10.22 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.

Based on a current price of $9.83, Glu Mobile Inc is currently 39.0% above its average consensus analyst price target of $6.00. The stock should discover initial support at its 50-day moving average (MA) of $6.91 and subsequent support at its 200-day MA of $6.08.

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.

In the past 52 weeks, shares of Glu Mobile Inc have traded between a low of $3.98 and a high of $11.28 and closed yesterday at $9.83, which is 147% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.3% while the 200-day MA has risen 0.6%.

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