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Possible Bullish Inside Day Candle Pattern Detected for Ormat Technologi (NYSE:ORA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ormat Technologi (NYSE:ORA) based on the price action in the company's shares. Yesterday's price range of $52.87 and $54.28 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Ormat Technologi may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, Ormat Technologi share prices have been bracketed by a low of $41.12 and a high of $70.68 and closed yesterday at $53.02, 29% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.3%.

Ormat Technologi (NYSE:ORA) has potential upside of 22.6% based on a current price of $53.02 and analysts' consensus price target of $65.00. The stock should discover initial support at its 50-day moving average (MA) of $41.16 and subsequent support at its 200-day MA of $37.41.

SmarTrend is tracking the current trend status for Ormat Technologi and will alert subscribers who have ORA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ormat technologi

Ticker(s): ORA