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Otelco(OTT) provides a range of telecommunications services on a retail and wholesale basis. This stock closed up 8.6% to $2.02 in recent trading.
Thursday's Range: $1.86-$2.08
52-Week Range: $1.52-$16.73
Three-Month Average Volume: 199,181
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From a technical perspective, OTT ripped to the upside here right off some near-term support at $1.75 with decent volume. This stock was hammered by the sellers during the month of August, with shares plunging from $7.43 to its recent low of $1.52. Since tagging that low, shares of OTT have started to trend range bound for the last month, with the stock moving between $2.14 on the upside and $1.52 on the downside. Shares of OTT have also started to form a pattern of higher lows since hitting $1.52.
Traders should now look for long-biased trades in OTT once it manages to break out above some near-term overhead resistance at $2.14 with high volume. Look for a sustained move or close above $2.14 with volume that hits near or above its three-month average action of 199,181 shares. If that breakout triggers soon, then this stock could explode to the upside and re-test or take out its 50-day at $2.96.