FSLR is down 40% since mid-September. Expecting a short-term rally in January; recently broke out of a downward wedge and RSI shows a bullish divergence since mid-October. Has traded within a $45.5-$43.5 range for the last two weeks. Attractive risk/reward entry point, with shares trading at ~$44. Note how effective the RSI trend line (blue) has been as an entry indicator; as such expect resistance on the back-test. Entry at $43.95. First target is $47, with upside to ~$50.
1.2.15 - 12:20pm EST
Comments
DavideG
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Sticking to trading plan, exited at $50.15 (14% profit). Still like the setup - rounding pattern and FSLR looks like it could be flagging soon, but taking some exposure off the market with the Russell and S&P at new highs. Will be watching this develop. 2.18.15