Monday March 19 was a wretched day for the markets and an even worse day for the technology sector. With Facebook leading the way (down), the Nasdaq dropped nearly 2% on very high turnover – a strong sign of institutional selling. The carnage left very little to pick through, but First Solar looked mighty impressive.
The stock shot higher and was up nearly all day before finishing near the day’s high. While that was an impressive move, I like the W on the chart even more. Since the beginning of the year, First Solar carved out a nice bottom and tested it. Now it’s moving toward new highs. This impressive run is backed by a steep RSI slope and a MACD buy signal. Money flow is not bullish yet, but it may get there by the end of the week.
When the market decides it wants to rally again, buyers will look for names like First Solar as a sign of strength. I like this chart and look for this to make a run towards 80 before too long.
First Solar (Nasdaq: FSLR) Video Chart Analysis
Take a deeper dive into the chart action on First Solar Nasdaq: FSLR and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About First Solar
First Solar, Inc. provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators. The Systems segment provides turn-key photovoltaic solar power systems or solar solutions, such as project development; engineering, procurement, and construction; and operating and maintenance services to utilities, independent power producers, commercial and industrial companies, and other system owners. The company was formerly known as First Solar Holdings, Inc. and changed its name to First Solar, Inc. in 2006. First Solar, Inc. was founded in 1999 and is headquartered in Tempe, Arizona.
