First Solar ( FSLR) was upgraded to a buy by TheStreet's Quant Ratings service. In our last review of FSLR on February 18, we recommended, "It looks like FSLR has started a move lower. We could see a decline to the $80 area or even the $70 area. Avoid the long side for now." Let's check and see how things look today in light of the quantitative buy recommendation. 
In this daily bar chart of FSLR, below, we can see that prices have declined into May but have strengthened significantly in the past six weeks. FSLR is trading above the bottoming 50-day moving average line and above the 200-day line. The gap higher really improves things.
The On-Balance-Volume (OBV) line declined from January to May but shows some recent improvement. The Moving Average Convergence Divergence (MACD) oscillator has just crossed back above the zero line for a fresh outright buy signal.
In this weekly Japanese candlestick chart of FSLR, below, we can see an improving technical picture. Prices are back above the 40-week moving average line. There are some lower shadows below $70 that tell us that traders are rejecting those lows.
The weekly OBV line shows improvement from early May and the MACD oscillator is close to a bullish crossover.
In this daily Point and Figure chart of FSLR, below, we can see that prices met and exceeded a price target in the $79 area.
In this weekly Point and Figure chart of FSLR, below, we can see that the software is projecting the $120 area as a potential price objective.
Bottom line strategy: Aggressive traders could go long FSLR at current levels risking to $74 for now. The $100 area and then the $120 area are our price targets.
