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Globalstar Inc. (NYSE:GSAT) shares were skyrocketing higher Monday after a note sent out by an Apple Inc. (NASDAQ:AAPL) analyst suggesting Apple could partner with Globalstar on bringing low-earth-orbit satellite communications functionality in the iPhone 13. The stock was trending throughout the day on social media sites.
Globalstar was trading 61.89% higher at $2.32 Monday afternoon.
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Globalstar Daily Chart Analysis
- The stock broke out of a pennant pattern Monday following the Apple rumor. The stock saw a large gap up following the announcement by the analyst.
- The stock may need to consolidate after such a large gap up. A period of consolidation could be healthy for the stock before it moves higher.
- The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating bullish sentiment.
- Each of these moving averages may hold as a possible area of support in the future.
- The Relative Strength Index (RSI) shot higher and now sits at 80. This shows a huge amount of buyers entered into the stock Monday.
What’s Next For Globalstar?
Bullish traders are looking to see the stock continue to break out and push higher. When the stock cools off, bulls are looking to see a period of consolidation where the stock is able to hold its gains for another possible leg up in the future.
Bearish traders would like to see the stock start falling and go back to where it traded Friday. Bears would like to see the stock fall back into the pennant pattern and below the moving averages for a potential change in sentiment.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.