If you look at the chart for Cleantech Solutions, you’ll notice that this stock has just started to bounce higher right above its 200-day moving average of $3.23 a share. That bounce is quickly pushing shares of CLNT within range of triggering a near-term breakout trade.
Market players should now look for long-biased trades in CLNT if it manages to break out above its 50-day moving average of $3.89 a share and then once it clears more overhead resistance at $4.09 a share with high volume. Look for a sustained move or close above those breakout levels with volume that hits near or above its three-month average action of 25,293 shares. If that breakout triggers soon, then CLNT will set up to re-test or possibly take out its next major overhead resistance levels at $4.88 to $5.04 a share, or even at $5.50 to $6.38 a share.
Traders can look to buy CLNT off any weakness to anticipate that breakout and simply use a stop that sit right around its 200-day moving average at $3.23 a share or at $3.09 a share. One can also buy CLNT off strength once it clears those breakout levels with volume and then simply use a stop that’s a few percentage points from your entry point.
This is another favorite target of the short-sellers, since the current short interest as a percentage of the float for CLNT is rather high at 11.4%.
3 banger? Its kind of funny as we use the word technicals as chart patterns as the military use technicals as a small armed vehicle ready to Kill . (maybe one in the same if your short) . A technical is a type of improvised fighting vehicle, typically a civilian or military non-combat vehicle, modified to provide an offensive capability similar to a military gun truck.