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  1. Home
  2. / Investing

Glu Mobile Could Double From Here

Let's check out the charts and you can see what got me excited.
By BRUCE KAMICH
Aug 24, 2018 | 02:29 PM EDT
Stocks quotes in this article: TWTR, GLUU

From time to time subscribers or Twitter (TWTR) followers suggest a stock to analyze. Glu Mobile (GLUU) was suggested in the mobile game area and it caught my attention as a stock that could double from here. Let's check out the charts and you can see what got me excited.

In this daily bar chart of GLUU, below, we can see that prices turned north in April with prices doubling from the prior consolidation phase from September to April. GLUU is above the rising 50-day moving average line and the bullish 200-day average line.

GLUU successfully tested the 200-day line in February and again in early April. The level of trading volume was heavy in October, November and December but prices could not start a sustained uptrend.

In April, the OBV line started a durable rally and we can see a recent new high to confirm the price gains.

The Moving Average Convergence Divergence (MACD) oscillator is in a bullish mode above the zero line.

In this weekly bar chart, below, we went back 10 years to show the huge base pattern on GLUU. Prices are above the rising 40-week moving average line and are testing the highs of 2014.

The weekly OBV line is bullish along with the MACD oscillator. The height of this pattern projected upwards measures to the $14-$15 area.

In this Point and Figure chart of GLUU, below, we can see a large base going back to 2011. A trade at $8.00 will be a breakout and open the way to the $15.25 potential price target.

Bottom line strategy: GLUU has started a strong uptrend and is close to breakout from a 10 year base pattern. Prices show the potential for a double from here. Risk below $6.50.

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TAGS: Investing | U.S. Equity

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