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  1. Home
  2. / Investing
  3. / Stocks

Sunrun: Stay Out of the Sun for Now

Shares of the solar energy company could correct lower giving us a better buying opportunity.
By BRUCE KAMICH
Oct 08, 2020 | 02:14 PM EDT
Stocks quotes in this article: RUN

"Solar energy is a winner," Jim Cramer told one caller during the Lightning Round of the Mad Money program Wednesday night who asked about Sunrun (RUN) . Let's check out the charts and indicators of RUN to see where we might become a buyer.

In this daily bar chart of RUN, below, we can see that prices are weak. Still, RUN is above the rising 50-day moving average line and above the rising 200-day moving average line.

Trading volume has been heavy or "active" since July and the On-Balance-Volume (OBV) line has risen into early October telling us that buyers of RUN have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has narrowed recently but a take profits sell signal has not been generated yet.


In the weekly Japanese candlestick chart of RUN, below, we can see a possible doji pattern for this week. We still have one more day to go but we are already 80% of the way there. A doji would be a possible reversal pattern and would be our quickest turning tool. Prices are above the rising 40-week moving average line.

The weekly OBV line is rising and bullish. The MACD oscillator is bullish too. 

 
 
In this daily Point and Figure chart of RUN, below, we can see a potential downside price target in the $59 area. 
 
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Bottom-line strategy: RUN looks like it has some chart support in the $65-$55 area. Stand aside for now and let's see whether RUN rebases in the $60 area.
 
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TAGS: Investing | Stocks | Energy | Mad Money

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