Keep This Renewable Energy Stock Close Until November

Centrus Energy Corp (NYSE:LEU) shares are down 5.9% to $175.34 following multiple rejections near the $200 level. The nuclear fuel company has fallen 28% this year, but appears to be nearing a bullish trendline, according to Schaeffer's Senior Quantitative Analyst Rocky White. LEU has been within one standard deviation of its 24-month moving average after five months of being above it.

This pattern has occurred four times in the past 20 years, with the stock rising three months later each time. A move like this could result in LEU trading just below $260 by the end of November. Short interest has risen by 16.3% over the past two periods and now accounts for nearly 27% of the float. With LEU's average trading pace, shorts would need six days to buy back their positions.

The stock's put/call open interest ratio (SOIR) of 1.32 is at the 100th percentile, indicating strong bearish sentiment. If this sentiment shifts, it could provide more support for LEU's shares.