What maybe one of the biggest gaining penny stocks in January, Energy Conversion Devices, Inc. (NASDAQ: ENER), the designer, manufacturer, seller and installer of thin-film laminates that convert sunlight to renewable energy, look to increase revenue in their top-market, China, as solar wafer makers have recently been increasing quotes in both Taiwan and China, to between $1.15 and $1.25 per unit, according to Digitimes. Proving that there’s a ton of money to be made in China, shares in the best stock to buy now, ENER, are up 469.62% since December 23, 2011.
ENER closing price Friday, February 10, was $1.35, up 10.66% (+0.13). ENER formed a perfect double bottom in December at $0.20 before big buying interest stepped in and the shares skyrocketed to a recent high of $1.74 in mid-January. ENER is -68.53% below its 52-week high of $4.29 and 575.00% above its 52-week low of $0.20. Indications show ENER could breakout if it can surpass the $1.37 level on volume higher than the 3 month average.
ENER traded huge volume on Friday and closed just under that $1.37 threshold. Look for ENER to push thru that $1.37 price and head towards the $1.74 it hit in January on its way towards $2.50. $1.20 should be the lowest the stock goes to if there are a ton of profit takers in the money maker.
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