Sun Power $SPWR to complete Head & Shoulders? LONG
Sun Power has had a rough go w/ the overall market struggling, but it should be close to reaching a strong support point with previous lows looming. The maroon-circled region represents an area of excellent entry, with the trace down further being somewhat dubious.
Patience can be exercised here a little. The corrective wave is happening, but we cannot rule out a trace down to 31/s. That is fully possible. While there's little fault to be found with entering right now (circa 10:30 AM EST), there possibly may open up an even lower buy point.
Regardless of whether it does or not, this stock should have no problem ascending back to its previous levels as the market normalizes. A target sell-point can be tenatively scheduled between 41 and 44 per share; with that maybe being a 1/2 exit. For this moment? We find that entry point!
BEST OF IT ALL!
-BDR
Patience can be exercised here a little. The corrective wave is happening, but we cannot rule out a trace down to 31/s. That is fully possible. While there's little fault to be found with entering right now (circa 10:30 AM EST), there possibly may open up an even lower buy point.
Regardless of whether it does or not, this stock should have no problem ascending back to its previous levels as the market normalizes. A target sell-point can be tenatively scheduled between 41 and 44 per share; with that maybe being a 1/2 exit. For this moment? We find that entry point!
BEST OF IT ALL!
-BDR
Comment:
Note: A full completion might put this at 28 per share. That seems unlikely, but it cannot be ruled out at this point...
Trade closed manually:
Pretty decent loss here; don't trust this right now - ill be charting for a re-entry, but the market is being a wh0re.
Comment:
Checking in today, SPWR seems a good one to stay out of the remainder of the next two quarters probably at least. That is to say... I occupy no position on it at this point either. The AE sector is continuing to struggle to defy the logic of myself and others who expected the pandemic and administration change to boost the solar economy. So it goes.