Canadian Solar

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Canadian Solar ( CSIQ) designs, develops, manufactures and sells solar cell and solar module products that convert sunlight into electricity for a variety of uses. This stock is trading up 12.5% at $3.58 in recent trading.

Today's Range: $3.45-$3.70

52-Week Range: $2.07-$16.79

Volume: 1.67 million

Three-Month Average Volume: 1.1 million

Shares of CSIQ are ripping higher today after the company announced an agreement to supply more than 1.5 MW of solar modules to Al Fahad Group, which is building a large solar project in Abu Dhabi.

>>5 Breakout Stocks to Eye for a Buy

From a technical standpoint, CSIQ is getting very close to triggering a major breakout trade today with the stock trading right below some near-term overhead resistance at $3.73. Traders should now watch for a sustained high-volume move or close over $3.73 to $3.85 to trigger a big breakout trade.

At last check, volume today is clocking in well over the three-month average, which is bullish. If that breakout triggers soon, then CSIQ has a solid chance to hit $5 or potentially higher.

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