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Suntech Power (
STP) is a solar energy company, which 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 3.9% to $1.04 in recent trading.
Today's Range: $1.00-$1.07
52-Week Range: $0.30-$2.14
Volume: 4.58 million
Three-Month Average Volume: 6.25 million
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From a technical perspective, STP is bouncing notably higher here right off its 200-day moving average of $1 with decent upside volume. This move is quickly pushing shares of STP within range of triggering a near-term breakout trade. That trade will hit if STP manages to take out some near-term overhead resistance levels at $1.18 to $1.28 and then once it clears more resistance at $1.34 with high volume.
Traders should now look for long-biased trades in STP as long as it's trending above its 200-day at $1 or above some more key near-term support at 90 cents and then once it sustains a move or close above those breakout levels with volume that hits near or above 6.25 million shares. If that breakout triggers soon, then STP will set up to re-test or possibly take out its next major overhead resistance levels at $1.69 to $1.78. Any high-volume move above those levels will then put its next major overhead resistance level at $1.99 into range for shares of STP.
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