Trump Media & Technology Group DJT has been on a wild ride this year, skyrocketing 44.6% over the past month and boasting a year-to-date gain of 38%.
But don’t let the six-month dip of 25% fool you—recent developments have ignited fresh bullish sentiment, particularly with the launch of the Truth+ Streaming App for Android devices, now available in the Google Play Store.
With this launch, Trump Media stock is shaking off the past and charging ahead, driven by strong technical indicators and growing investor interest.
Read Also: Trump Media Stock Surges as Elon Musk Backs Trump at Pennsylvania Event
Truth+ Streaming App: The Next Big Thing?
Truth+ isn’t just another streaming service—it's a key part of Trump Media & Technology's vision to build a platform immune to Big Tech's influence, according to the company. Available on Android, Truth+ offers a range of programming, from news and entertainment to faith-based content and children's shows.
With features like Video on Demand (VOD), live TV rewind, catch-up TV, and DVR, this is a robust expansion of the content offering already available on Truth Social.
CEO Devin Nunes emphasized the significance of the launch, stating, "We've reached another milestone in our goal of creating an uncancellable safe harbor for free speech." Nunes also hinted at future expansions, including native apps for iOS, Samsung, LG, Apple TV, and more.
Trump Media Stock Is Flashing Multiple Bullish Signals
On the technical front, Trump Media stock is on fire.
Chart created using Benzinga Pro
Trump Media stock is trading at $27.27, well above its five, 20 and 50-day exponential moving averages. The eight-day simple moving average sits at $20.08, the 20-day SMA is $16.90, and the 50-day SMA is $19.83—all indicating a bullish signal.
Moreover, with the Moving Average Convergence Divergence (MACD) at 0.77, investors are seeing more reasons to be bullish on Trump Media stock.
Underlying Weakness Spells Caution
Chart created using Benzinga Pro
But not everything is glowing. Trump Media stock's share price of $24.12 is far below its 200-day simple moving average of $33.97, which may indicate some underlying weakness.
The Relative Strength Index (RSI) is also nearing overbought territory at 68.18, meaning the stock could face a pullback soon.
Additionally, the Bollinger Bands show Trump Media trading outside the upper band range of $16.89 to $22.98, another indicator that suggests caution is warranted.
Still, with all the buying pressure and momentum from the Truth+ app launch, it’s clear why bulls are charging in.
What's Next For Trump Media Stock?
With future plans for iOS and connected TV platforms in the pipeline, Trump Media & Technology seems far from finished with its rollout strategy.
The company is continuing to stress-test its custom-designed, uncancellable streaming tech, and any successful updates or expansions could fuel more buying pressure in the weeks ahead.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
