This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Orion Energy Systems (
OESX) manufactures and implements energy management systems consisting primarily of commercial interior and exterior lighting systems, controls, power data management and cloud-based data storage and related services. This stock closed up 1.6% to $4.30 in Tuesday's trading session.
>>5 Rocket Stocks Worth Buying This Week
From a technical perspective, OESX bounced modestly higher here right above its 50-day moving average of $3.84 with lighter-than-average volume. This stock has been trending sideways and consolidating for the last three months, with shares moving between $3.43 on the downside and $4.44 on the upside. This spike higher on Tuesday is quickly pushing shares of OESX within range of triggering a major breakout trade above the upper-end of its sideways trading chart pattern. That breakout will hit if OESX manages to take out some near-term overhead resistance at $4.35 to its 52-week high at $4.44 with high volume.
Traders should now look for long-biased trades in OESX as long as it's trending above its 50-day at $3.84 and then once it sustains a move or close above those breakout levels with volume that hits near or above 150,794 shares. If that breakout triggers soon, then OESX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $5.50 to $6.