Good technical signals and a possible breakout for FIRST SOLAR INC.

FIRST SOLAR INC (FSLR)       132.27   +1.34 (+1.02%)

After market: 131.69 -0.58 (-0.44%)


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Good technical signals and a possible breakout for FIRST SOLAR INC.10 days ago - Chartmill

FIRST SOLAR INC (NASDAQ:FSLR) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:FSLR.

FSLR Daily chart on 2022-09-22

Technical Analysis Observations

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.

Overall FSLR gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, FSLR is only an average performer.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • FSLR is one of the better performing stocks in the Semiconductors & Semiconductor Equipment industry, it outperforms 98% of 109 stocks in the same industry.
  • FSLR is currently making a new 52 week high. This is a strong signal. Certainly because the S&P500 Index is currently trading in the lower part of its 52 week range.
  • FSLR is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
  • When comparing the yearly performance of all stocks, we notice that FSLR is one of the better performing stocks in the market, outperforming 99% of all stocks. However, this overall good ranking is mostly due to the recent strong move.

How does the Setup look for NASDAQ:FSLR

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:

Besides having an excellent technical rating, FSLR also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 135.64. Right above this resistance zone may be a good entry point. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.

Our Breakout analyzer lists more breakout setups and is updated daily.

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