FSLR (First Solar Inc.) Technical Analysis - Short Idea
Straight to the point, looks like FSLR is forming a Bearish RSI divergence (where price is making higher highs, and RSI indicator is making lower highs). Additionally, RSI is also at 71.45 which is somewhat high (overbought).
Unless we break the marked white support trend line on the chart, the price should start making a downward movement to the support areas (143.50, 118.82).
Trade Ideas:
FSLR - Long $170 Put 12/02 - $5.15
FSLR - Long $140 Put 12/16 - $0.97
I've given two options. (In The Money or Out The Money) based on your risk level.
This is not a financial advise. Please do your research before making the trade. Trade only if you agree with the idea.
Good Luck!
Unless we break the marked white support trend line on the chart, the price should start making a downward movement to the support areas (143.50, 118.82).
Trade Ideas:
FSLR - Long $170 Put 12/02 - $5.15
FSLR - Long $140 Put 12/16 - $0.97
I've given two options. (In The Money or Out The Money) based on your risk level.
This is not a financial advise. Please do your research before making the trade. Trade only if you agree with the idea.
Good Luck!
Comment:
Seems like we're heading down now. First stop looks like 160 and then 157 unless the market gets a pump. FSLR was also downgraded this morning by JP Morgan.
Comment:
160.14 is the key support here. FSLR needs to break that in order to continue the downward movement. So far the play looks good.
If you had entered the Long $170 Put 12/02 expiration at $5.15 it is now at $8.80 which is 70% Profit. Feel free to exit here for that leg.
I'm still holding the Long $140 Put 12/16 and let it play out.
If you had entered the Long $170 Put 12/02 expiration at $5.15 it is now at $8.80 which is 70% Profit. Feel free to exit here for that leg.
I'm still holding the Long $140 Put 12/16 and let it play out.