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Genie Energy (
GNE) is engaged in developing pioneering technologies to produce clean and affordable transportation fuels from the world's abundant unconventional fuel resources. This stock closed up 9.5% to $9.79 on Thursday.
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From a technical perspective, GNE soared higher here right off some near-term support at $9 and back above its 50-day moving average at $9.68 with above-average volume. This stock flirted with a breakout on Thursday, after shares tested some resistance at $9.80. At last check, GNE hit an intraday high of $9.84 and volume was above its three-month average action of 113,398 shares.
Traders should now look for long-biased trades in GNE as long as it's trending above its 50-day at $9.68 and then once it sustains a move or close above those $9.80 to $9.84 with volume that hits near or above 113,398 shares. If we get that move soon, then GNE will set up to re-test or possibly take out its next major overhead resistance levels at $10.50 to $11.50. Any high-volume move above $11.50 will then put its 52-week high at $12.21 into range for shares of GNE.
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