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A-Power Energy (APWR) Stabilizes On Cement Contract, Delivery Of Wind Turbine News
A-Power Energy (APWR) has been taken out back and bludgeoned into oblivion over the past month, but in my opinion, the stars are aligned for a possible relief rally into the $15 resistance area in the coming weeks. For starters, the stock has now hit a big level of support at the 200 day moving average and has begun to show signs of stabilizing at that level with a decent surge today on good volume. The company also released a bit of good news today…
The company cemented a deal with China Machine Building Intl to co-develop a turn key solution in the construction of a .. you guessed it.. cement plant! The press release was light on details, but apparently it’s a $40 million (so aprox $20 for APWR?) contract and construction has begun.
Maybe the company felt bad about crushing investors with an unexpected dilution of its shares because they issued another press release of little substance, basically just providing an update on wind turbine deliveries on previously announced deals. A total of 10 of the 2.7MW turbines were delivered today – five for the 49.5MW wind farm in Saiwusu for Jihe Orient and five for the 19.5MW wind farm in Rizhao City.
Shares were up about 5% today.
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Jan.28
from $10 to $21…….from $21 to $11, yes, APWR is ready to finally ascend the upward movement again and as wind revenues ramp, the stock price will follow