FSLR has had a very good run since Santa Claus visited the Stock market last Xmas. The question here is Will it have the strength to go for the previous all time high levels it had in the past? In Wall St there are no straight lines. It is bullish, but in order for it to break the previous week levels it needs more momentum, which is already declining and entering into a negative momentum divergence (Higher prices, lower momentum) which usually is a sign of a reversal. It makes sense it will retreat until the support levels before trying to go higher.The technical indicators show extreme conditions, overbought, overextended distance from the moving average, negative momentum divergence, lower volume levels, reaching Resistance levels.
These signs flash a reversal warning. Earnings is the closest triggering event. The market doesn't seem to care how the report beats the estimates lately. After these indicators my forecast is there will be a bearish leg that will be used by the market to test the support before trying to breach the ATH levels.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.