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Global Telecom & Technology (
GTT) is a cloud network provider delivering simplicity, speed and agility to enterprise, government and carrier customers in over 80 countries worldwide. This stock closed up 6.5% to $4.59 in Thursday's trading session.
>>5 Tech Stocks in Breakout Territory With Big Volume
From a technical perspective, GTT bounced sharply higher here right above its 50-day moving average of $4.28 with above-average volume. This move is quickly pushing shares of GTT within range of triggering a near-term breakout trade. That trade will hit if GTT manages to take out Thursday's high of $4.60 and then once it clears its 52-week high at $4.75 with high volume.
Traders should now look for long-biased trades in GTT as long as it's trending above its 50-day at $4.28 or above more near-term support at $4.01 and then once it sustains a move or close above those breakout levels with volume that hits near or above 12,816 shares. If that breakout triggers soon, then GTT will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $6 or $7.
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