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Possible Bullish Inside Day Candle Pattern Detected for Canadian Solar (NASDAQ:CSIQ)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Canadian Solar (NASDAQ:CSIQ) based on the price action in the company's shares. Today's price range of $14.75 and $14.93 is within yesterday'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. Traders and investors interested in shares of Canadian Solar may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Canadian Solar Inc. designs, manufactures, and sells solar module products that convert sunlight into electricity for a variety of uses. The Company's products include a range of standard solar modules for use in a wide range of residential, commercial, and industrial solar power generation systems.

Canadian Solar (NASDAQ:CSIQ) has potential upside of 109.5% based on a current price of $14.91 and analysts' consensus price target of $31.24. The stock should run into initial resistance at its 50-day moving average (MA) of $19.35 and subsequent resistance at its 200-day MA of $21.15.

Over the past year, Canadian Solar has traded in a range of $11.72 to $40.08 and is now at $14.91, 27% above that low. The 200-day and 50-day moving averages have moved 0.92% lower and 1.67% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Canadian Solar. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Canadian Solar in search of a potential trend change.

Keywords: bullish inside day candle canadian solar

Ticker(s): CSIQ