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ReTo Eco-Solutions Trading on Increased Volume After Winning Sales Contract: Technicals To Watch

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ReTo Eco-Solutions Trading on Increased Volume After Winning Sales Contract: Technicals To Watch

ReTo Eco-Solutions (NASDAQ: RETO) shares were trading on higher volume in Thursday's session after the company said that its Ruitu Mingsheng Environmental Protection Building Materials Co. won a RMB10.71 million ($1.6 million) sales contract.

The following are speculative technical levels to check out for the stock, which was trading 26.25% higher to $2.12 at last check. 

ReTo Technical Levels To Watch: The 5-minute chart below shows that the stock seemed to have trouble crossing over the $2 mark before it finally did Thursday morning.

The price may bounce off this level, as technical traders might wager that this is a support level. The price level of $1.70 is a place where the price seemed to bounce on  multiple occasions in the past.

A technical trader might view this level as a support. Bullish technical traders would like to see a bounce off the support levels, and bearish technical traders would like to see the price break below the speculative levels.

The short-term chart shows the price has not been able to cross and hold above the price of $2.35. One could speculate this could be a resistance level in the stock.

Bullish technical traders would like to see a break of this resistance with a consolidation period above before the next move upwards may happen.

reto5min3-4-21.png

The daily chart below shows that the price struggled to break the $1.70 level as well as the $2 price level for an extended period of time.

These levels were both broken and the price has retested the old $1.70 level as a possible support now and looked to hold above. The price would need to do the same at the $2 level for it to be considered a support level as well. A bearish technical trader would like to first see the possible $2 support broken. 

One may speculate that $3 could be a possible resistance level, as the price has never been able to close above this level. A close above this price level with some consolidation above in the future is ideal for a bullish technical trader.

ReTo is trading with a market cap of about $23 million and has a public float of 10.8 million shares.

retodaily3-4-21.png

 

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