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Possible Bearish Inside Day Candle Pattern Detected for First Solar Inc (NASDAQ:FSLR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in First Solar Inc (NASDAQ:FSLR) based on the price action in the company's shares. Yesterday's price range of $75.21 and $77.28 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of First Solar Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, First Solar Inc has traded in a range of $25.56 to $78.95 and closed yesterday at $76.96, 201% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.4% while the 200-day MA has risen 0.3%.

First Solar, Inc. designs and manufactures solar modules. The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

Based on a current price of $76.96, First Solar Inc is currently 5.0% above its average consensus analyst price target of $73.11. The stock should discover initial support at its 50-day moving average (MA) of $64.95 and subsequent support at its 200-day MA of $57.56.

SmarTrend recommended that subscribers consider buying shares of First Solar Inc on February 20th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $66.78. Since that recommendation, shares of First Solar Inc have risen 16.2%. We continue to monitor FSLR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle first solar inc

Ticker(s): FSLR