Broadwind Energy (BWEN) Spiking Off 50DMA On News Of $23 Million Wind Tower Order

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11:55:39 am on January 12, 2012

The technical action in shares of Broadwind Energy (BWEN) has been much improved in recent months and it appears the stock is in the process of another leg up after the company announced a $23 million order it received in Q4.  Shares had been consolidating, but are breaking out of consolidation off key support of the 50 day moving average with heavy volume today.

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The company  announced that Q4 was strong highlighted by the first order from a leading wind turbine manufacturer totaling $23 million.  It’s not a huge order for BWEN and represents about 15% of the total revenue the company did last year, but any good news is going to propel a stock that trades for less than a buck (trading at .80 now).

President & CEO Peter Duprey stated, "Fourth-quarter orders were strong across each of our business segments including gearing, towers and services. We are well positioned for revenue growth in 2012. We are delighted to win our first tower order with a major new customer–this fits with our strategy to further diversify our customer base."

I’m not a big fan of BWEN and wind energy related stocks in general, but in the short term BWEN is setting up well with a likely move to the $1-$1.20 level.  Longer term the key is surging above the $1.20 level and holding there. 

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