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Traders Could See a Lot of Green With This Eco-Friendly Stock

Unifi broke from a bullish "W" formation following an MACD buy signal


Unifi (UFI) — This producer of multi-filament polyester and nylon yarns with enhanced performance characteristics was first mentioned by the Trade of the Day on Feb. 25 at just over $15, and again as one of our Top Stocks to Buy for May on April 30 at around $19. It was noted in the May report that Benzinga Research had named Unifi “one of the highest-growth textile company listed on the NYSE.”

The company uses recycled products to produce REPREVE winter sportswear for companies like Patagonia, The North Face and Polartec, and plans to provide products for the Winter X Games 2013 Aspen. On May 9, the company announced, “By the end of the 2013 graduation season, close to 440,000 students will graduate wearing REPREVE-based gowns, with over 12.7 million plastic bottles being recycled into these gowns since 2012.”

The stock broke from a bullish “W” formation Monday with a trading target of $25. MACD issued a buy signal in early June. It is noted that insiders have been consistent buyers of UFI.

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Disclosure: Sam Collins owns shares of Unifi.

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