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Volume Spike Detected in Shares of Covanta as They Move Higher on 2.0x Above-Average Volume (CVA)

Published on Thu, 04/18/2013 - 13:12
By Adrienne Chilton

Covanta's stock is up 0.9% to $19.40 on heavy trading volume. Approximately 1.1 million shares have changed hands today vs. average 30-day volume of 566,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

Covanta Holding Corporation conducts operations in waste disposal, energy services, and specialty insurance. The Company also owns and operates waste-to-energy and power generation projects. Covanta's waste-to-energy facilities convert municipal solid waste into renewable energy for communities primarily in the United States.

Covanta has overhead space with shares priced $19.40, or 10.3% below the average consensus analyst price target of $21.62. The stock should find resistance at its 50-day moving average (MA) of $19.69, as well as support at its 200-day MA of $18.29.

Over the past year, Covanta has traded in a range of $15.29 to $20.26 and is now at $19.40, 27% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

By Adrienne Chilton