Though it experienced some setbacks along the way, Trump Media (NASDAQ: DJT) stock has been on an exceptionally strong rally since late September.
Specifically, after being on an unstoppable downturn and hitting lows at $12.15 on September 23, DJT shares have started soaring along with Trump’s chances of victory in the polls and, even more so, in the prediction markets.
The uptrend not only enabled Trump Media stock to close 11.44% in the green on the last full trading day – Friday, October 25 – at $38.95, but the extended session leading into Monday has only strengthened the momentum.
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Indeed, DJT shares are up 8.47% in the October 28 pre-market and Trump Media stock price today, at press time, stands as high as $42.25.
Massive Trump campaign rally helps propel Trump Media stock’s monster rally
The extended session surge is, arguably, driven by a blockbuster Madison Square Garden campaign rally, which saw an estimated 40,000 people attend – 20,000 inside the venue and the same number outside.
Along with the Republican candidate Donald Trump, the rally saw the appearances of J.D. Vance, Speaker Mike Johnson, Robert F. Kennedy Jr., Elon Musk, Rudy Giuliani, Tucker Carlson, and many others.
Some outlets have emphasized the star-studded cast of the rally, as well as its marathon length, while other pundits emphasized what they described as filling the venue with ‘anger, vitriol, and racist threats’ and ‘the enemy from within’ mentality.
Whatever the case, the sheer size of the rally – and the temporal proximity of the elections – had undeniably bolstered the DJT stock upsurge.
Could DJT stock reach $50 before the end of the week?
In fact, with their extended session price of $42.25, Trump Media shares are trading at highs not seen since the spring 2024 rally. Simultaneously, despite still being in the red in the 6-month chart, DJT stock is more than 120% above where it stood during the first session of 2024.
Additionally, having broken well above its previously apparent resistance near $31 and gained enough momentum to ensure a 142.38% rally in the last 30 days and 247% from the September 23 lows, Trump media stock could now be aiming for $50 – a high not seen since May – before the week is out.
Considering the stock is trading above multiple short-term resistance levels with only the one near $42 and $43 left to clear before having a clear path beyond $50, this week’s potential rally might be either confirmed or denied even before the opening bell.
Finally, while such a rally would need a significant $8 upside from the press time prices within the next 5 days, it is worth noting that DJT shares climbed more than $12 per share in the last week alone.
