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After Yesterday's Rally of 1.11% Shares Could Potentially Pullback

By Amy Schwartz

Ormat Technologies (NYSE:ORA) traded in a range yesterday that spanned from a low of $57.29 to a high of $59.01. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $58.69 on volume of 148,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Ormat Technologies have traded between a low of $32.25 and a high of $59.63 and are now at $58.13, which is 80% 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%.

SmarTrend recommended that subscribers consider buying shares of Ormat Technologies on December 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $49.22. Since that recommendation, shares of Ormat Technologies have risen 17.3%. We continue to monitor ORA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders ormat technologies

Ticker(s): ORA