First Solar Is Close to Resistance
Published on Thursday, 09 May 2013 20:36 Written by TradersHuddle Wire
New York, May 9th (TradersHuddle.com) - Shares of First Solar, Inc. (NASDAQ:FSLR) are trading very close to calculated resistance at $47.78. The stock ended the trading session at just $47.12, 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 $42.61 and by the resistance level at $47.78; 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 $42.61 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $47.78 then traders will get an opportunity to enter the stock as it moves to a higher range.