SunPower (SPWR) may have stopped falling, but it doesn't look like it has attracted serious buyers yet. It's sunny days are probably somewhere in the future. Over the rainbow perhaps?
In this one-year daily chart of SPWR, below, we can see a long decline. There is a runaway, or measuring, gap in August. Prices reached a low, but probably not a bottom, in November. There was some increase in volume at the November nadir, but not a really heavy pace to suggest "throw in the towel" dumping.
Prices recently crept above the 50-day simple moving average line, but the slope of the line is still pointed down. The 200-day moving average line is well above the market, and had a bearish slope all year.
The On-Balance-Volume (OBV) has been in a decline all year and confirms the bear trend. On the positive side, the momentum indicator in the bottom panel shows a bullish divergence. As prices have made lower lows in August, September and November, the momentum study has made higher lows. The pace of the decline has slowed over the months. This divergence can foreshadow a rally, if some other clues turn positive.
In this three-year weekly chart, above, we can get a better perspective on the bear market in SPWR. The decline accelerated in 2016. The slope of the 40-week moving average line has been negative for most of the past three years. The weekly OBV line declined significantly last year -- and the most positive thing we might say about it is that it has stopped declining. The weekly Moving Average Convergence Divergence (MACD) oscillator signaled a cover-shorts buy signal in November, but it is a long way from an outright go-long signal.
Bottom line: SPWR is likely to trade between $9 (resistance) and $6 (support). A long period of base building lies ahead for SunPower.