By Mill Chart
Last update: Jun 5, 2023
We've identified FIRST SOLAR INC (NASDAQ:FSLR) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:FSLR for further developments.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 9 out of 10 to FSLR. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, FSLR is showing a nice and steady performance.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:FSLR currently has a 8 as setup rating:
FSLR has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 203.28, a Stop Loss order could be placed below this zone.
One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.
Of course, there are many ways to trade or not trade NASDAQ:FSLR and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
More breakout setups can be found in our Breakout screener.
FIRST SOLAR INC
NASDAQ:FSLR (3/28/2024, 9:32:10 AM)
170.23
+2.78 (+1.66%)
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