Stock Chart FSLR

Posted by downtowntrader | 7/21/2008 09:10:00 PM | 0 comments »

Stock Chart Analysis FSLR

First Solar, Inc. (Public, NASDAQ:FSLR)

I had lost track of FSLR for a while, as most solar stocks were nailed in a correction. I was quite impressed as I pulled up the chart and noticed that FSLR has not been damaged at all by weakness in it's sector and the general markets. Sure, it has undergone it's own pullback, but the chart looks very constructive and volume has declined during the consolidation. I don't know, or pretend to know if oil is topped out, or getting ready to squeeze higher, but if it does squeeze higher, I want to be ready with a basket of alternative energy stocks.

Looking more closely at the chart, notice that FSLR has generally had higher highs and lows, and it is more apparent in the weekly chart. It is in the process of potentially carving out a small W or double bottom continuation pattern, and also has the 200 sma rising to support it. Even if oil has peaked, this chart has enough potential to stand on it's own and we might even see a run in alternative energy stocks as the election nears. Being a technical trader, I don't usually worry about what causes a stock to move, but I like to be prepared for macro events as they occur.

Good Trading,


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