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Renesola Up 8.1%, Shares Break Through Resistance (SOL)
Jan 23, 2013 (SmarTrend(R) Spotlight via COMTEX) --
Renesola (NYSE:SOL) is one of today's best performing low-priced stocks, up 8.1% to $2.20 on 1.1x average daily volume. Thus far today, Renesola has traded 988,000 shares, vs. average volume of 934,000 shares per day. The stock has outperformed the Dow (8.1% to the Dow's 0.4%) and outperformed the S&P 500 (8.1% to the S&P's -0.0%) during today's trading.
Renesola (NYSE:SOL) is currently priced 42.5% above its average consensus analyst price target of $1.26. The stock should discover initial support at its 50-day moving average (MA) of $1.54 and subsequent support at its 200-day MA of $1.50.
Renesola Ltd manufactures solar wafers for intergration into photovoltaic cells. The Company has developed proprietary technology for processing different types of scrap wafer and other silicon materials for use as feedstock for its solar wafer production.
Over the past year, Renesola has traded in a range of $1.08 to $3.38 and is now at $2.19, 103% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has remained constant.
SmarTrend recommended that subscribers consider buying shares of Renesola on December 12th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.66. Since that recommendation, shares of Renesola have risen 22.7%. We continue to monitor SOL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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