Trump Media & Technology Group Corp. (NASDAQ:DJT) shares are trading higher Friday on continued upward momentum.

What To Know:

Trump Media & Technology shares have climbed nearly 50% this week, reversing a months-long slide. The surge comes as former President Trump and Vice President Kamala Harris remain neck and neck in recent polls. Polymarket, a crypto-trading platform, has odds favoring Trump over Harris while ABC News Project 538 shows Harris leading in the national polls at 48.5% to Trump's 45.9%.

TMTG shares have tracked news and events surrounding Trump more closely than fundamentals tied to the Truth social parent company. However, the stock jumped more than 17% Thursday after Trump Media & Technology announced the launch of its Truth+ TV streaming app for Android devices.

"We've reached another milestone in our goal of creating an uncancellable safe harbor for free speech," said TMTG CEO Devin Nunes.

"Starting from scratch, in a few years we've launched both a free-speech social media platform and a TV streaming platform for content that's at risk of cancellation or cannot find a home due to the biases of TV networks—and we successfully launched our own content delivery network to do it," Nunes added.

DJT Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Trump Media & Technology, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Trump Media & Technology, the 200-day moving average sits at $33.92, according to Benzinga Pro, which is above the current price of $24.12. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

DJT Price Action: According to Benzinga Pro, Trump Media & Technology shares are up 8.87% at $26.26 at the time of publication Friday.