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Phunware Inc. (NASDAQ:PHUN), once a darling of traders during Donald Trump's 2020 re-election campaign, may be on the verge of a significant technical milestone – a Golden Cross.
Chart created using Benzinga Pro
Despite recent bearish trends, this potential shift in momentum has sparked renewed interest in the stock.
Phunware’s current technical indicators paint a grim picture. Its stock price, at $4.39, remains below all major moving averages: the eight-day, 20-day, 50-day and even the 200-day simple moving averages.
The MACD indicator sits at a negative 0.36, and its RSI of 43.75 reflects ongoing selling pressure.
For now, the technicals remain firmly bearish, signaling a tough road ahead.
But a Golden Cross—a bullish pattern where the 50-day moving average crosses above the 200-day moving average—could mark a turning point. Historically, such events signal a shift from bearish to bullish momentum, attracting traders looking to ride the wave of an uptrend.
While its technicals simmer, Phunware is busy reinventing itself. The company recently announced its development of an AI-powered canvassing tool in collaboration with MyCanvass, a voter-engagement platform founded by Brad Parscale, Trump's former campaign manager.
The tool aims to provide campaigns with actionable insights on voter sentiment and outreach effectiveness. Interim CEO Stephen Chen describes it as “AI-powered civic engagement,” with broad applications beyond politics, including community building and trust enhancement.
Phunware is also betting big on generative AI, with plans to launch a platform by mid-2025. While leadership changes, including the departure of its CEO and CFO, create some uncertainty, Chen insists the company is well-positioned for growth.
Phunware's stock may still be navigating bearish waters, but the looming golden cross, coupled with its ambitious AI-driven plans, could breathe new life into this former ‘Trump trade.’
For now, traders are watching closely to see if technical signals align with the company’s bold new direction.
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Posted In: PHUN
