InvestWithThomas

ITP has three year resistance in sight

Long
AMEX:ITP   IT Tech Packaging, Inc
This is the weekly view of ITP . With a float of less than 25 million shares, and around 25% of them short, this chart looks primed for a short squeeze. Today, volume was about 5x the recent average, and was close to double the overall float. Based on the weekly chart, the next level of significant resistance is around $1.50/share. The stock closed at the highs of the day, and after hours it's up even further. If ITP can continue through $1.50 tomorrow, the next area of major resistance is around $2.00, suggesting a potential 30-40% upside from here.