Shares of China New Borun Corp (NYSE:BORN) Up Big on Technical Breakout?


China New Borun Corp (NYSE:BORN) shares are trading up big this afternoon, after starting its climb late this morning, and recently leveling off at around Noon ET. The stock is trading up without any news released by the company, as this move appears to be based mostly on technical analysis.

Investors were looking for shares of China New Borun Corp (NYSE:BORN) to move above the $1.40 mark, and once that happened, with a cross in the MACD and KD lines, the stock took off running. Volume so far today is over 5 times the daily average, with several hours to go in the trading day.

The stock is up 15.50% or $0.2, hitting $1.51 per share. About 202,664 shares traded hands or up 401.72% from the average. born has risen 15.52% since May 26, 2015 and is currently uptrending. It has outperformed the S&P500 by 17.78%.

China New Borun Corporation is a producer and distributor of corn edible alcohol in the People’s Republic of China. The company has a market cap of $33.77 million. The Company’s edible alcohol products are primarily sold as an ingredient to producers of baijiu who further blend its products into finished products sold under various brand names across China. It has 2.84 P/E ratio. The Firm operates through three divisions: Corn-base edible alcohol and its by-products, chlorinated polyethylene (CPE) and Foam insulation.