Sino Clean Breaks Out Higher
Sino Clean Energy, Inc. (SCLX) shares jumped more than 20 percent after breaking out from a key $0.47 technical resistance level, with the next major resistance being at around $0.55 per share.
Sino Clean Energy, Inc. [[SCLX.OB]], a coal water mixture producer in China, saw its shares jump more than 20 percent after breaking out from a key $0.47 per share technical resistance level on heavy volume. Technical analysts see the next major resistance at around $0.55 per share, which marks the stock’s prior high back in April and May of 2009.
Earlier this week, Sino Clean Energy also reported the completion of $11.6 million in financing from 10% senior secured convertible notes and warrants to purchase up to about 30.5 million shaers of common stock in two separate closing on July 1st and 20th. The conversion price is adjusted 25% lower if the company does not management $40 million in revenue and $10 million in net income in fiscal 2009, which could further incentivize management.
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