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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $47.01 and $48.20 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 First Solar Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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

First Solar Inc (NASDAQ:FSLR) is currently priced 19.3% above its average consensus analyst price target of $38.59. First Solar Inc shares should first meet resistance at the 200-day moving average (MA) of $57.56 and find additional resistance at the 50-day MA of $64.95.

Over the past year, First Solar Inc has traded in a range of $25.56 to $50.21 and closed yesterday at $47.84, 87% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 1.4%.

SmarTrend recommended that subscribers consider buying shares of First Solar Inc on April 28th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $29.87. Since that recommendation, shares of First Solar Inc have risen 60.2%. We continue to monitor FSLR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle first solar inc

Ticker(s): FSLR