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

By Shiri Gupta

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. Yesterday's price range of $14.75 and $14.99 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. 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 share prices have moved between a 52-week high of $40.08 and a 52-week low of $11.72 and closed yesterday at 27% above that low price at $14.87 per share. Over the past week, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has declined 1.7%.

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 has overhead space with shares priced $14.87, or 52.4% below the average consensus analyst price target of $31.24. The stock should find initial resistance at its 50-day moving average (MA) of $19.35 and further resistance at its 200-day MA of $21.15.

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 am inside day candle canadian solar

Ticker(s): CSIQ