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Ormat Technologies (
ORA) is engaged in the geothermal and recovered energy power business. It designs, develops, builds, owns and operates clean, environmentally friendly geothermal and recovered energy-based power plants. This stock closed up 3.1% at $25.82 in Wednesday's trading session.
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From a technical perspective, ORA ripped higher here right above some near-term support at $24.50 and above its 50-day moving average of $23.81 with above-average volume. This move pushed shares of ORA into breakout and new 52-week-high territory, since it took out some near-term overhead resistance levels at $25.70 to $25.72.
Traders should now look for long-biased trades in ORA as long as it's trending above Wednesday's low of $24.94 or above $24.50, and then once it sustains a move or close above its new 52-week high at $26.05 and some key past resistance at $26.22 with volume that's near or above 87,139 shares. If we get that move soon, then ORA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are its next major overhead resistance levels at $29 to $30.
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