Trading Clough Global Opportunities Fund (GLO) Based on Support and Resistance Levels – GV Times

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It has been reported that multiple insider activity took place at Clough Global Opportunities Fund (GLO). Person affiliated w/ Inv. Adv. Clough Charles JR acquired 17,400 shares for $150,474 in transaction occurred on 2017/05/03. After making this transaction, Person affiliated w/ Inv. Adv. owns a direct stake of -10 shares, worth $1,443,049, as per the last closing price. On 2017/05/02 Saba Capital Management, L.P., 10% Owner at GLO, purchased 31,000 shares at an average price of $10.62 per share. The new stake is valued at $70,767,161.

10% Owner, Saba Capital Management, L.P. had invested in 150,868 shares for $7,348,266 through a trade on 2017/04/28. Following this activity, the insider holds -10 shares worth $70,469,871 as of recent close.

Brinker Capital Destinations Tr-Destinations Multi Strategy Alt Fd revealed as top hedge fund owner in Clough Global Opportunities Fund (GLO) with a stake of over 478,540 GLO shares as of November 29, with a market value of approx. $4.61M as of today. The second largest holder, RiverNorth Core Opportunity Fund, with 364597 shares which equates to $3.95M worth of the stock. At third is RiverNorth Opportunities Fd, which stood pat with 314683 shares, a 1.14% position in Clough Global Opportunities Fund, worth $3.52M. The insider holding in stood at 9.16% while institutions hold 3.36%.

Clough Global Opportunities Fund (NYSE:GLO) dropped -0.26% in recent trade and currently has a stock-market value of $309.03M. The shares finished at $9.59, after trading as low as $9.57 earlier in the session. It hit an intraday high Monday at $9.63. Trading activity significantly weakened as the volume at ready counter decreased to 65,941 shares versus 120,445 in average daily trading volume over the past 20 days. So far this year, the volume has averaged about 121,617 shares. The stock is now 25.69% above against its bear-market low of $7.63 on December 26, 2018. It has retreated -20.23% since it’s 52-week high of $11.53 reached in July. Now the market price is down -11.53% on the year and up 16.52% YTD.

GLO stock’s 50 day simple moving average (SMA 50) price is $9.63 and its 200-day simple moving average (SMA 200) price is $9.98. The company’s stock currently has a total float of 0 shares. Its weekly volatility is hovering around 0.63% and felt 0.99% volatility in price over a month. On the upside, the share price will test short term resistance at around $9.62. On a downside, the stock is likely to find some support, which begins at $9.56. The failure to get near-term support could push it to $9.54.

Also, it is trading at rather inexpensive levels at just over 0.9x price/book and 20.66x price/sales.