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Shares of TNP spiked higher today after Stifel initiated the stock with a buy rating and a $6 a share price target.
>>5 Stocks Rising on Unusual Volume
From a technical perspective, TNP soared higher here and broke out above some near-term overhead resistance levels at $5 to $5.03 with above-average volume. This move is quickly pushing shares of TNP within range of triggering a near-term breakout trade. That trade will hit if TNP manages to take out some near-term overhead resistance at $5.21 with high volume.
Traders should now look for long-biased trades in TNP as long as it's trending above some near-term support at $4.80 or above its 50-day at $4.52 and then once it sustains a move or close above $5.21 with volume that hits near or above 256,557 shares. If that breakout triggers soon, then TNP will set up to re-test or possibly take out its next major overhead resistance levels at $5.50 to $6.19. Any high-volume move above $6.19 to $6.29 will then put $6.50 to $7.50 into range for shares of TNP.
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