This clean energy stock is in a nice base. $ORA – September 20, 2022
ORA TAN
This is Scott with your Chart of the Day. I know a lot of people have been looking at solar lately. Solar has been a pretty good area ( NYSEARCA: TAN ) and I know a lot of the kind of narrative around energy is, that people need clean energy. With high energy prices, people look for alternatives and that is what brought me to Ormat Technologies ( NYSE: ORA ).
Now, they deal with geothermal energy, which is technically clean energy. This stock is in a really nice base. In fact, it has been going sideways here for about a month and a half or so. And so this is definitely one that I want to keep an eye on because it is in a nice technical pattern above most of the major moving averages.
As you can see it has kind of found a home here around the 8 and 21-day exponential period moving average. So we have clear support right around that 21-day and we have a clear level of resistance right around that $98.00 level. We have resistance here, here, here, here, and we are just kind of underneath. So I am going to set an alert on ORA ( NYSE: ORA ) right around that $98.00 level.
I am going to look for a strong move through that level coming on higher than average volume. Now, I will say this stock does have a relatively small float and can trade with a bit of a wide spread. So if you do look at this stock I would just recommend managing your position size to make up for that spread.
This is definitely a stock that I want to keep my eyes on because it has held up pretty well in a crappy market.
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