FSLR ends the day indecisive
First Solar Inc (FSLR) Technical Analysis Report for Sep 14, 2018
Moving lower for the 2nd day in a row, FSLR ended the week -0.62% lower at 48.21 after edging lower $0.20 (-0.41%) today. Trading $0.42 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 48.26, First Solar confirms its breakout through the previous session's low having traded $0.34 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.82 (1.7%), that's far below last trading month's daily average range of $1.22. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 47.92 during the day, the stock bounced off the key support level at 48.00. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 47.59 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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