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| An Update Identifies Support Levels: FSLR |
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Thomas Kee
StockTraders
Daily.com
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(La Jolla, CA) On July 29th, we issued a report for First Solar pinpointing its test of resistance at that time. This was a bearish signal, a reason to secure gains, and a short signal all built into one. Since then, the stock has fallen dramatically. Our report suggested that FSLR would oscillate from a test of intra channel resistance towards longer term support again. Down has been its direction since that report. Now, an update is warranted, because FSLR is getting close to that support level.
Today's news is positive, but it may not mark a turning point for shares of FSLR quite yet. Today, FSLR announced a contract to provide 550 Megawatts of Solar Electricity to Southern California Edison, a subsidiary of Edison International (NYSE: EIX). This is a positive event, but more downside seems to lie ahead before FSLR begins to recover. This, according to our real time trading report for FSLR.
An Update Identifies Support Levels
The data in our current report has been updated, but the general observations are the same. FSLR is still in the process of declining towards longer term support, but now it is getting close to an official test. If it tests support, and if support holds, our report will offer bullish trading signals, it will provide buy signals, and it will be a reason to cover short positions. By rule, we buy near support, and sell near resistance. This is basic trading 101.
According to our updated report, FSLR has support at longer term parameter #1. This is a dynamic report, and it updates over time, but you can review it for free. If FSLR holds support, if it holds above longer term parameter #1, it is likely to increase all the way back to longer term parameter #3, or longer term resistance, offered in that same report. The difference from support to resistance is 65%.
History tells us that FSLR moves fast when it gains traction, so all investors or potential investors should pay close attention. Support is near.
Updated FSLR Report
Thomas H. Kee Jr. is President and CEO of Stock Traders Daily, founder of The Investment Rate, architect of the ATAP Program, and supporter of proactive trading strategies. His work can be found in Reuters, Barron’s, MarketWatch, and other Financial Media Channels.

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