First Solar Closing in to Support

Published on Monday, 30 August 2010 07:16 Written by Danny Miller

New York, August 30th (TradersHuddle.com) - Shares of First Solar, Inc. (NASDAQ:FSLR) are trading very close to calculated support at $122.48 with current price action closing at just $128.88 places the stock price near levels where traders will start paying attention.

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 current stock range is defined by current calculated support defined at $122.48 and by the resistance level at $130.47, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to First Solar's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $130.47 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.