First Solar Fights Higher

BATS:FSLR   First Solar, Inc.
First Solar has been fighting higher, and some traders may see further upside.

The first pattern on today’s chart is the December 28 closing price of $173.22. FSLR jumped above that level early in the month and has now pulled back to hold it. Has old resistance become new support?

Second, prices are above the 200-day simple moving average (SMA). The 50-day SMA is also potentially approaching a “golden cross” above the 200-day SMA. That could indicate the longer-term trend is getting more bullish.

Next, MACD recently turned higher.

Fourth, the stock jumped in early November and late February on strong quarterly results. The next set of numbers is due after the closing bell on May 1.

Finally, Reuters reported yesterday that the U.S. will reestablish tariffs on certain Chinese solar products. FSLR is considered a likely beneficiary.

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