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Ormat Technologies Looks to Continue to Trade Above its Annual-High Share Price Today

By David Diaz

Shares of Ormat Technologies (NYSE:ORA) traded today at $47.35, breaking its 52-week high. So far today approximately 122,000 shares have been exchanged, as compared to an average 30-day volume of 116,000 shares.

In the past 52 weeks, Ormat Technologies share prices have been bracketed by a low of $32.25 and a high of $47.35 and are now at $47.30, 47% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.3%.

Ormat Technologies (NYSE:ORA) defies analysts with a current price ($47.30) 28.1% above its average consensus price target of $34.00. The stock should find initial support at its 50-day moving average (MA) of $41.16 and further support at its 200-day MA of $37.41.

Ormat Technologies Inc. designs, develops, builds, owns and operates geothermal power plants. The Company also designs, develops, and seeks to own and operate, recovered energy-based power plants using equipment that it designs and manufactures.

SmarTrend recommended that subscribers consider buying shares of Ormat Technologies on July 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $43.71. Since that recommendation, shares of Ormat Technologies have risen 4.7%. We continue to monitor ORA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows ormat technologies

Ticker(s): ORA