Just Another Bear Market Rally for First Solar?

 | May 03, 2017 | 3:55 PM EDT
  • Comment
  • Print Print
  • Print
Stock quotes in this article:


First Solar (FSLR) rallied sharply today but that may be the beginning and the end of the move. FSLR has made a number of rallies during its long decline. All of these rallies failed at lower highs and today's advance may be no different.

Let's see if the sun is shining on the charts and indicators.

In this daily chart of FSLR, below, we can see an upside price gap and heavy volume as prices jumped above the declining 50-day moving average line and rallied to test the declining 200-day moving average line. Rather than trading on the highs of the day, FSLR is now around the middle of the day's high/low range. The On-Balance-Volume (OBV) has crept up modestly in the past month and the Moving Average Convergence Divergence (MACD) oscillator generated a cover shorts buy signal and is back to the zero line now.

In this weekly chart of FSLR, below, we can see that the longer-term 40-week moving average line is still pointed down. The weekly OBV line has moved much and the weekly MACD oscillator may only be giving us a cover shorts buy signal as it is well below the zero line.

In this Point and Figure chart of FSLR, below, we can see the rapid run up in prices. FSLR reached its $32.15 price target. 

Bottom line - for now it looks like FSLR has made another bear market rally.

Columnist Conversations

we like this chart here, it appears ready to move higher. BOUGHT BZUN OCT 35 CALL AT 3.40
Large-cap, high-quality McKesson (MCK) is too cheap now, at $147.51 or so. The stock hit $243.60 more than 2.5...
View Chart »  View in New Window » View Chart » 



News Breaks

Powered by


Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.