Orbital Energy Group Stock Skyrockets: How Does The Chart Look?

Orbital Energy Group Inc. OEG shares traded higher Tuesday after the company announced that its subsidiary Gibson Technical Services reached an agreement with TEC on a 700-mile engineering and construction project across central Mississippi.

The project aims to install and support broadband networks in rural communities across the country. The Mississippi project is expected to be ongoing throughout the next four years.

Orbital Energy Group was up 71.69% at $6.10 at last check.

Orbital Energy Group Daily Chart Analysis

• Shares have been falling in the last few months and are trading in what technical traders call a falling wedge pattern.
• The stock crossed above the 50-day moving average (green) Tuesday and has been trading above the 200-day moving average (blue), indicating sentiment in the stock is likely turning bullish.
• Each of these moving averages may hold as an area of support in the future.

Key Orbital Energy Levels To Watch

• Orbital Energy Group has been falling in recent months and may have broken out of a falling wedge pattern.
• This bullish reversal pattern occurs after the stock makes a large run up and starts pulling back. The slope of the line connecting the highs is much steeper than the line connecting the lows.
• A break above resistance could let the stock move higher, while a break below resistance may hint that the stock is not done falling.

What’s Next For Orbital Energy?

Bullish technical traders would like to see the stock consolidate for a time before the stock may see another move. Bulls want to see the stock hold the gains it made as it consolidates.

Bearish technical traders would like to see the stock fall back to the area it was trading at near the point of the wedge. If the price can fall back below the moving averages, sentiment may turn bearish and it could be the start of a trend change.