FSLR breaks below prior session low


First Solar Inc (FSLR) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
FSLR breaks below 20-day moving average
FSLR unable to break through key resistance level
FSLR finds support at 50-day moving average
FSLR closes lower for the 3rd day in a row
FSLR breaks below previous session low
TQ Sentiment
Report Sentiment: 42% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, FSLR finished Thursday at 71.39 losing $1.38 (-1.9%). Today's closing price of 71.39 marks the lowest close since May 9th. Closing below Wednesday's low at 72.52, the market confirms its breakout through the prior session's low having traded $1.54 below it intraday.

Daily chart for FSLR
Volatility

Thursday's trading range was $2.00 (2.76%), that's below last trading month's daily average range of $2.85. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 70.75. Unable to break through the key technical resistance level at 72.80, First Solar closed below it after spiking as high as 72.98 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 70.98 during the day, the stock found support at the 50-day moving average at 71.25.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share broke below the 20-day moving average at 71.51 today for the first time since April 30th.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for First Solar Inc
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Outside Bar TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
High close to previous High TQ Pro Members Only
Doji TQ Pro Members Only
Long-Legged Doji TQ Pro Members Only
More market conditions identified for TQ Pro members...
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