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Suntech Power(STP), a solar energy company, designs, develops, manufactures and markets a number of PV cells and modules, including a range of value-added building-integrated photovoltaics products. This stock is trading up 6.6% to $1.60 in recent trading.
Today's Range: $1.50-$1.62
52-Week Range: $0.71-$3.93
Volume: 3.58 million
Three-Month Average Volume: 3.98 million
From a technical perspective, STP is ripping higher here right above its 50-day moving average of $1.45 with solid volume. The 50-day for STP has recently crossed back above its 200-day moving average, which is a bullish technical development. Shares of STP are now quickly moving within range of triggering a near-term breakout trade. That trade will hit if STP manages to clear some near-term overhead resistance levels at $1.69 to $1.78 and then once it takes out $1.83 with high volume.
Traders should now look for long-biased trades in STP as long as it's trending above its 50-day at $1.45 and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.98 million shares. If that breakout hits soon, then STP will set up to re-test or possibly take out its next major overhead resistance levels at $1.95 to $1.99. Any high-volume move above $1.99 will then put $2 to $2.14 into range for shares of STP.
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 Winderemere, Fla.