Could Energous Stage A Rally? A Technical Breakdown

shares were trading higher $0.16 (2 percent) at $8.87 in Wednesday's session. The catalyst for the modest increase may be an initiation of coverage by Roth Capital at a Buy with a $16 price target. This is the second initiation of coverage with a Buy rating over the past few weeks. On March 19, Oppenheimer started coverage with an Outperform rating and $13 price target. Related Link:

The wireless electricity company possesses technology that has the ability to charge/power devices within a 15 foot radius. There has also been unconfirmed speculation that the company may be positioning itself for a deal with

. If that comes to fruition, it certainly would be a huge catalyst for higher share prices. The year-old company peaked one month after its IPO in March 2014 (opening price $9.50) at $16.44 and was cut in half over the past year. End of year tax-selling drove the issue to its all-time low of $7.11 in December. Over the last four trading sessions, it has been attempting to build a base in which to launch a rally from. Including today, it has put in place four lows between $8.68 and $8.80, but has not been able to distance itself from this area.