New York, August 30th (TradersHuddle.com) - Shares of Yingli Green Energy Holding Co. Ltd.  closed the trading session at $6.39 just above calculated resistance at $6.36 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Yingli Green Energy Holding Co. Ltd.  designs, manufactures and sells Photovoltaic (PV) modules in China and internationally. The Company also designs, assembles, sells and installs PV systems that are connected to an electricity transmission grid or those that operate on a stand-alone basis.

Yingli Green's stock was trading in a well defined range with support at $5.20 and resistance at $6.36, given that this range was broken traders will be closely monitoring the stock?s price action for clues of direction.

From a technical perspective it can be expected that previous resistance becomes support, as the new range gets defined, however, given that Yingli Green's stock is still near the broken resistance level, traders will be focusing on $6.36 to see if the stock holds the breakout without rolling over.

Source:tradershuddle