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Suntech Power (
STP) is a solar energy company that 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 6.2% to $1.02 in recent trading.
Today's Range: $0.98-$1.03
52-Week Range: $0.30-$2.07
Volume: 2.23 million
Three-Month Average Volume: 5.55 million
>>5 Stocks Set to Soar on Bullish Earnings
From a technical perspective, STP is trending higher here back above its 200-day moving average of $1.01 with lighter-than-average volume. This stock has been trending sideways for the last month, with shares moving between 86 cents on the downside and $1.28 on the upside. Shares of STP continue to trend within range of triggering a breakout trade above the upper end of its recent sideways chart pattern. That breakout will hit if STP manages to take out some near-term overhead resistance levels at $1.07 to $1.18 and then once it clears more resistance at $1.28 with high volume.
Traders should now look for long-biased trades in STP as long as it's trending above its 200-day at $1.01 or above some more near-term support at 93 cents and then once it sustains a move or close above those breakout levels with volume that hits near or above 5.55 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 $1.70 to $1.78. Any high-volume move above those levels will then put $2 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 Madison, Wis.
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