( COIN ) Converted Organics - Breakout Stock 8/26/08 - Technical Analysis COIN

Today, Converted Organics ( COIN ) is breaking out to the upside. COIN has been all over the place over the past year hitting a high of $16.33. Today it opened at $3.64 and its hitting $4.20 on this news:

Converted Organics announced today that the Company will work with Gro Group Inc. as a manufacturing partner in 2009, supplying its organic granular fertilizer to seven of Gro Group Inc.’s major distributors, which collectively service up to 15,000 lawn and garden retailers throughout the United States. Converted Organics’ organic granular fertilizer is for use on lawns, turf, flowers and gardens.

COIN Technical Analysis: Coin is trending below the 50 day moving average at $4.94. A close over $5 would be very bullish and could test the following resistance points: $6.14, $6.79.

Support levels for COIN: $3.64 & $4.00

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