By Mill Chart
Last update: Sep 23, 2022
A possible breakout setup was detected on FIRST SOLAR INC (NASDAQ:FSLR) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NASDAQ:FSLR.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
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.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:FSLR scores a 8 out of 10:
FSLR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 135.06. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 131.76, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.
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.
More breakout setups can be found in our Breakout analyzer.
FIRST SOLAR INC
NASDAQ:FSLR (3/28/2024, 6:15:26 PM)
After market: 168.06 -0.74 (-0.44%)168.8
+1.35 (+0.81%)
Don't view battery stocks as boring investment ideas because with global leaders fighting to go green, they’ll see demand.
Stay informed about the performance of the S&P500 index one hour before the close of the markets on Wednesday. Uncover the top gainers and losers in today's session for valuable insights.
Discover how these solar energy stocks are driving the solar energy revolution and leading growth in the renewable energy sector.
Stay updated with the movements of the S&P500 index in the middle of the day on Wednesday. Discover which stocks are leading as top gainers and losers in today's session.
vThe transition towards renewable energy is certain and smart investors have already taken their picks of solar stocks. Are you ready to buy?
FIRST SOLAR INC (NASDAQ:FSLR), a growth stock which is not overvalued.
2023's sector setbacks position renewable energy stocks for a comeback with Biden's clean energy initiatives.