GT Advanced Technologies is Turning the Lights On

• Posted by Greg Harmon
• on September 9th, 2013

GT Advanced Technologies ($GTAT) is showing again that the $7 level is very important to the stock. It has been resistance 3 times in the last 12 months and was support 4 times in the 12 months before that. This is how you define a major pivot point. The chart below shows that 7 falls between the 23.6% and 38.2% Fibonacci retracement of the move lower from the spike in May 2012. This time it arrives with a Relative Strength Index that is in the low 70s which could stall it out for a bit or reverse it, and a Moving Average Convergence Divergence indicator (MACD) that is positive but flattening.

These could give a clue that the Cup that has formed will be followed by a Handle lower. The Cup and Handle has a target higher at 11.40. Either way it is one to put on your radar. Either for a break above $7 now or a Handle forming for a future move.

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