Itron Stochastic Flashes Buy Signal

by Sam Collins | September 11, 2012 1:40 am

Itron Inc. (NASDAQ:ITRI[1]) — This technology company provides end-to-end metering solutions to electric, natural gas and water utilities worldwide. Itron beat analysts’ earnings forecasts for Q1 and Q2. Both operating and gross margins expanded in North American and Europe.

Recently, Bank of America/Merrill Lynch initiated coverage with a target of $55.

Technically Itron has completed a breakout from a right triangle backed by solid accumulation. The stochastic flashed a buy signal last week. A close above $45 results in a trading target of $55.

Trade of the Day – Itron Inc. (NASDAQ:ITRI)
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Trade of the Day Chart Key

Endnotes:
  1. ITRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=ITRI

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