First Solar Is Close to the 50 Day Moving Average

Published on Tuesday, 17 July 2012 05:52 Written by TradersHuddle Wire

New York, July 17th (TradersHuddle.com) - First Solar, Inc. (NASDAQ:FSLR) closed the trading day at $14.98, near its 50 day moving average that is set at $14.54. First Solar's price action is just above this important support level, providing a trading opportunity.

First Solar, Inc. (NASDAQ:FSLR) designs and manufactures solar modules. The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules. First Solar is the largest manufcturer of thin film solar modules in the world.

The peaks and troughs algorithm shows calculated support at $13.86 and calculated resistance at $16.19. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on First Solar should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.