FSLR breaks below prior session low
First Solar Inc (FSLR) Technical Analysis Report for May 17, 2018
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.
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.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.