fonzotrader
Long

FSLR looks great for the short-term

BATS:FSLR   FIRST SOLAR INC
222 1 0
Price Entry: $55.68
Stop-loss: $52.91
Price Target: 60.20

This week might be a deciding factor on the future of FSLR             . This stock is currently just over the S1 Pivot Point and the 54% fib line. From December 5 to December 12 the stock tanked 12% on lowering volume . This shows that everyday there was less selling pressure which gives us a bullish sign. After these days the stock has begun to go up again on increasing volume . The price is just under the 50 SMA which served in June and July as a resistance level . The stock has to cross over this SMA to continue its uptrend. My stop-loss is just under this 54% fib line and my price-target is at the Pivot Point . There is a great deal of bullish sentiment going around the social networks(twitter and stocktwits). I am long this stock for the short-term. There is a possibility that I am also bullish for the long-term but I still need confirmation.

Check out the full article tomorrow at http://fonzotrader.com
CAM_SMlTH
3 years ago
Hi Alfonso, I don't mind this trade but I would like to give you my personal view. First of all I agree with your bullish view although bullish sentiment on social media is usually a bearish signal for me. I am not so sure about this entry and management though. Instead of entering now and placing your stop loss below the 50 fib hoping price turns around earlier, I would be waiting for price to get to around 51.00 support and 50 fib and risk missing the move if it doesn't reach your entry. The other reason I don't believe the consolidation is finished is that I would expect price to show signs of losing momentum to the downside before turning back up. It may be helpful to move to a smaller timeframe showing just the last month of data and look for bullish divergence before entering. Also I would eliminate the pivot points form this chart as they are on too small a time frame to be relevant. Also the stop loss and target I believe are too small for this time frame. Personally, I would look to enter around 50/51 with a stop around 35 and a profit target around 70. I hope this is useful to you, remember never take anyone else's advice unless you agree with it yourself. I have had a look at your blog and with your enthusiasm and work ethic I guarantee you have a big future in this business. All the best.
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