Will Glory Star New Media Group Holdings Limited (NASDAQ:GSMG) Recover?

Glory Star New Media Group Holdings Limited (NASDAQ:GSMG) will continue to bleed in today’s session?

Stock Movement

At 9:48 GSMG is trading at $3.57 after declining 2.99% on Tuesday morning. Volume is 24.8k shares. GSMG opened at 3.62 and has traded in a range between 3.55 and 3.71.

Glory Star’s Announcement

GSMG announced the commencement of the commercial applications of its blockchain and non-fungible token (NFT) technologies through its digital copyright management platform.

The commencement will help GSMG explore business opportunities in NFT assets, opening new revenue streams

According to the latest data from nonfungible.com, the value of the entire NFT market has grown from less than $41 million three years ago to $338 million at the end of 2020, representing an increase of 724%.

Glory Star’s Platform has been put to use in the Company’s copyright management system for its CHEERS video platform, as well as the SaaS, point-redemption, and live-event modules for its CHEERS e-Mall.

Bing Zhang, Founder of Glory Star, states, “Going forward, new applications for blockchain technology will be an important focus for us to promote rapid growth, not only for Glory Star, but for the entire digital content industry as well.”

Last week, GSMG renewal of its cooperation agreement with E-Surfing Media Co., Ltd

Trader Notes

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 3.4633 3.5467 3.6133 3.6967 3.7633 3.8467 3.9133
Fibonacci 3.5467 3.6040 3.6394 3.6967 3.7540 3.7894 3.8467

Technical Indicators

Symbol Value Result Symbol Value Result
ADX 26.5990 Buy ATR14 0.2355
CCI20 -60.3831 Sell Chaikin Money Flow -0.0469 Neutral
MACD -0.0722 Sell Money Flow Index 8.2793 OverSold
ROC -6.1224 Sell RSI 46.3485 Buy
STOCH (14,3) 20.4545 Buy STOCH RSI 1.0000 OverBought
UO 50.5443 Buy Williams %R -79.5455 Neutral

Moving Averages

+/- EMA(20) 3.77 (+0.00%)
+/- SMA(50) 3.85 (-2.08%)
+/- SMA(200) 3.33 (+13.21%)

Recent Stock Performance

5-DAY PERF. +2.17%
1-MONTH PERF. -2.84%
3-MONTH PERF. +0.26%
6-MONTH PERF. +41.19%
YTD PERF. +37.09%
1-YEAR PERF. +8.02%

Share Information

SHARE FLOAT (%) 22.11 M (33.46%)

Bottom Line

GSMG needs to pull up its sleeves. After touching a high of $4.38 on May 5, the stock has been trending lower. The last 10 sessions the stock has traded sideways. Bulls really need to see the stock break above the 3.78 area. Will it break the $4 mark and move higher in the coming weeks remains to be seen.

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