SmarTrend Watching for Potential Pullback in Shares of First Solar After 5.10% Gain
First Solar (NASDAQ:FSLR) traded in a range yesterday that spanned from a low of $39.55 to a high of $41.70. Yesterday, the shares gained 5.1%, which took the trading range above the 3-day high of $39.97 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, First Solar has traded in a range of $33.74 to $74.29 and is now at $41.52, 23% 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%.
SmarTrend recommended that subscribers consider buying shares of First Solar on September 27th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $38.21. Since that recommendation, shares of First Solar have risen 3.6%. We continue to monitor FSLR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders First Solar