Glu Mobile Stock Could Muscle Higher

GLUU is on pace for its best year since 2009

Digital Content Manager
Dec 27, 2018 at 3:01 PM
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The shares of Glu Mobile Inc. (NASDAQ:GLUU) are up 104.4% year-to-date and are on pace for their best year since 2009. More recently, the stock surged after Cowen named it a top pick for 2019, bringing it within striking distance of its mid-October multi-year peak. GLUU has since pulled back to its 160-day moving average, which, if history is any indicator, could mean a big rally into the New Year. 

Diving deeper, the stock has pulled back to within one standard deviation of it 160-day, trading today at $7.63. In the five other times over the past three years GLUU has retreated to this trendline after a significant stretch above it, the equity was higher a month later each time.

What's more, the security averaged a one-month gain of 10.9%, per data from Schaeffer's Senior Quantitative Analyst Rocky White. Another move of this magnitude would put GLUU stock near $8.45 for the first time since November 2007, based on its current level. 

gluu stock daily chart dec 27

The shares could enjoy some bigger tailwinds, should pessimism start to unwind. Short interest rose 14.3% in the last reporting period to 7.55 million shares, or nearly 7% of the stock's available float. At the equity's average daily trading volume, it would take three days for traders to cover their bearish bets.  

 

 

 

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