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Global Cash Access (
GCA) is a global provider of innovative cash access and data intelligence services and solutions to the gaming industry. This stock closed up 2% to $8 in Tuesday's trading session.
From a technical perspective, GCA spiked modestly higher here right off some near-term support at $7.80 with decent upside volume. This stock has been trending sideways inside of a consolidation pattern for the last month and change, with shares moving between $7.50 on the downside and $8.17 on the upside. Shares of GCA are now starting to move within range of triggering a major breakout trade above the upper-end of its recent sideways trading chart pattern. That trade will hit if GCA manages to take out some near-term overhead resistance levels at $8.03 to $8.17 and then once it clears more past resistance at $8.50 to $8.71 with high volume.
Traders should now look for long-biased trades in GCA as long as it's trending above its 50-day at $7.43 and then once it sustains a move or close above those breakout levels with volume that hits near or above 502,128 shares. If that breakout hits soon, then GCA will set up to enter new 52-week-high territory above $8.46, which is bullish technical price action. Some possible upside targets off that breakout are $10 to $11.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
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