JTPro

Maybe just wait a little longer?

BATS:TSL   TRINA SOLAR LIMITED
80 0 0
When TSL             was at a little over $17, you can see that MFI indicated that it was overbought as it was quite OVER the 80 mark. Usually support levels on MFI is around 40-60, but as you can see it has dropped below that. Therefore, I'm expecting MFI to hit the 20 (oversold) mark.

Meanwhile, during the whole peak and trough process of the MFI , On balance volume continues to gradually move higher, indicating accumulation of the stock at these prices. This is a bullish signal for the stock .

In my opinion, I expect the stock to trade at the $14 to $15 levels in the very short term as buyers continues to accumulate. Once MFI hits 20, expect a reversal towards upside. Then the upside potential can be great, it can easily get pass $17.

Currently, I'm not holding any position, but like the title of this Idea, maybe I'll wait just a little before I buy.
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