Approaching Resistance: First Solar
Published on Tuesday, 11 December 2012 05:44 Written by TradersHuddle Wire
New York, December 11th (TradersHuddle.com) - 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.
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