FIRST SOLAR INC is setting up nicely for a breakout.

FIRST SOLAR INC (FSLR)       168.32   -0.22 (-0.13%)

After market: 168.55 +0.23 (+0.14%)


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FIRST SOLAR INC is setting up nicely for a breakout.2 months 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 2022-09-28

What is the technical picture of NASDAQ:FSLR telling us.

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.

  • The long and short term trends are both positive. This is looking good!
  • FSLR is part of the Semiconductors & Semiconductor Equipment industry. There are 110 other stocks in this industry. FSLR outperforms 99% of them.
  • FSLR is currently trading near its 52 week high. This is a good sign, definitely because the S&P500 Index is trading in the lower area of its yearly range.
  • In the last month FSLR has a been trading in the 120.28 - 140.64 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • Looking at the yearly performance, FSLR did better than 99% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.

Looking at the Setup

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 7 as setup rating:

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 135.83. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for FSLR in the last couple of days, which is a good sign.

Trading breakout setups.

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.

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

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