By Mill Chart
Last update: Sep 26, 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 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.
Taking everything into account, FSLR scores 8 out of 10 in our technical rating. 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.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:FSLR this score is currently 7:
Besides having an excellent technical rating, FSLR also presents a decent setup pattern. Prices have been consolidating lately. There is a support zone below the current price at 129.84, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FSLR in the last couple of days, which is a good sign.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
FIRST SOLAR INC
NASDAQ:FSLR (4/25/2024, 3:04:11 PM)
After market: 175.02 0 (0%)175.02
-2.46 (-1.39%)
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