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5 Tech Stocks to Watch for Breakout Trades

Open Text

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Open Text ( OTEX) is engaged in providing a suite of information management software products. This stock closed up 1% at $67.93 in Monday's trading session.

Monday's Volume: 736,000
Three-Month Average Volume: 225,916
Volume % Change: 198%

>>5 Stocks Under $10 Set to Soar

From a technical perspective, OTEX trended modestly higher here right above some near-term support levels at $66 to $64.47 with above-average volume. This move is starting to push shares of OTEX within range of triggering a near-term breakout trade. That trade will hit if OTEX manages to take out its 50-day moving average at $69.63 with high volume.

Traders should now look for long-biased trades in OTEX as long as it's trending above $66 or $65 and then once it sustains a move or close above its 50-day at $69.63 with volume that hits near or above 225,916 shares. If that breakout triggers soon, then OTEX will set up to re-test or possibly take out its next major overhead resistance levels at $72.44 to its 52-week high at $73.77.
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ACIW $23.49 0.26%
BBRY $7.95 1.70%
OTEX $48.28 0.06%
SNCR $39.49 0.48%
RDWR $16.39 1.60%


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