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APPS Stock Chart Signals Buying Opportunity

Josh Selway

App delivery expert Digital Turbine Inc (NASDAQ:APPS) has been a steady winner in 2019, pacing to close the year with a gain of more than 300%. The shares hit a decade-plus high of $9.13 on Nov. 29, and pulled back from there. A quick look at the chart for APPS would suggest this could be a prime entry point for bulls, and the data backs it up.

Specifically, data from Schaeffer's Senior Quantitative Analyst Rocky White shows that the 80-day moving average in particular has been support in the past. White's most recent study showed that the three previous pullbacks to the 80-day has yielded an average 21-gain of 27.1%, producing a positive return each time.

apps stock dec 16
apps stock dec 16

Not surprisingly, all four analysts covering the security are bullish, each handing out "strong buy" ratings. Options traders have certainly been bullish, as well. For instance, the 10-day call/put volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 20.77, showing almost 21 long calls crossing for every put in the past two weeks.