Approaching Resistance: First Solar

New York, December 11th ( - Shares of First Solar, Inc. (NASDAQ:FSLR) are trading very close to calculated resistance at $31.36. The stock ended the trading session at just $30.03, which is near levels that make it difficult to buy or start a position.

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.

First Solar's stock range is defined by its calculated support defined at $22.52 and by the resistance level at $31.36; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for First Solar. However, as the stock pulls back towards $22.52 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $31.36 then traders will get an opportunity to enter the stock as it moves to a higher range.

Technical Scans

Stock Market

o Dow Jones 17,979.56 ▲266.90 (1.51%)
o S&P 500 2,081.62 ▲20.60 (1.00%)
o NASDAQ 4,929.75 ▲38.53 (0.79%)

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,979.56 Trade time:10:10AM EDT Value change:▲266.90 (1.51%)

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,081.62 Trade time:10:10AM EDT Value change:▲20.60 (1.00%)


Company ID [INDEXNASDAQ:.IXIC] Last trade:4,929.75 Trade time:10:10AM EDT Value change:▲38.53 (0.79%)

In The Wires

Copyright © 2013 All Rights Reserved.