ORIONS Money Stocks

[AugustaFriends]

Magnegas- MNGA is an alternative energy company that creates a system that produces hydrogen-based fuel through the gasification of liquid and liquid waste.. This stock closed up 4.7% to $1.54 in Thursday's trading session.

Thursday's Range: $1.49-$1.69
52-Week Range: $0.40-$2.45
Thursday's Volume: 4.88 million
Three-Month Average Volume: 2.64 million

From a technical perspective, MNGA bounced higher here right off some near-term support at $1.40 with strong upside volume. This stock recently sold off from its 52-week high of $2.45 to $1.40. Following that move, shares of MNGA have started to bounce off that $1.40 low and it's quickly pushing within range of triggering a near-term breakout trade. That trade will hit if MNGA manages to take out Thursday's high of $1.69 to some more near-term overhead resistance at $1.82 with high volume.

Traders should now look for long-biased trades in MNGA as long as it's trending above near-term support at $1.40 or at $1.20 and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.64 million shares. If that breakout materializes soon, then MNGA will set up to re-test or possibly take out its next major overhead resistance levels at $2.40 to its 52-week high at $2.45.