GT Advanced Technologies
Nearest Resistance: N/A
Nearest Support: $10.50
Catalyst: CNBC Mention
>>2 Tech Stocks Rising on Unusual Volume
Shares of GT Advanced Technology
are seeing their highest trading volume of 2014 this week, after the firm was mentioned as a possible target for Apple
on CNBC. The speculation was enough to shove GTAT 9.3% higher in yesterday's session, and enough to push shares to new highs from a textbook ascending triangle setup.
Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains. As a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses. If you decide to be a buyer here, I'd recommend keeping a tight stop in place.