Glu Mobile Rockets Higher, Breaks Through Resistance

Shares of Glu Mobile GLUU are screaming higher this afternoon; currently, shares are up by 21.64%, trading at $3.71. The stock touched an intra-day high of $3.89 before consolidating lower. Glu Mobile has now managed to breech the 20-day moving averages, as well as the $3.72 resistance level, both of which will now work as support going forward. First resistance comes into play at the 50-day moving average, ~$4.00. If shares can rise above the 50-day moving average, a medium-term bull trend would likely be put into place. Price targets of $5.00 and $6.00 would then come into play. You could play this move by getting long the name between here and $3.65 with a stop loss at $3.35. Note that Glu Mobile has 10.06% short interest. Glu Mobile Inc. designs, markets and sells mobile games. The company has developed and published a portfolio of casual and traditional games for a cross section of the users of smartphones and tablet devices who purchase its games through direct-to-consumer digital storefronts, as well as users of feature phones served by wireless carriers and other distributors. It creates games and related applications based on its own original brands, as well as third-party licensed brands.