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Thursday, May 07, 2009 

Solar Stocks to watch Friday - Trina Solar and ReneSola

Chart courtesy of www.stockcharts.com ( click to enlarge )

SOL - The stock tried to move to higher price levels (4.50 ) , but was not accompanied by volume so it dropped today. According to the technical chart above no pattern has emerged yet, but what SOL needs is additional volume in its upward move for it to reach the previous high. If more volume does not come in, we could see a side to downward move. For now, a bounce from the support might be forthcoming. However, there is still a big possibility of price moving below 4. Time to stay on the sideline.

Chart courtesy of www.stockcharts.com ( click to enlarge )

TSL - Trina Solar shares were down more than 12% today to $16.85$. Today's ample ranging day ( 20.10-16.55 ) associated to the negative divergence of Stochastic indicates that lower prices should be ahead. Stochastic has turned negative and RSI heading down from overbought. Unless there is more good news in the days ahead from Trina Solar , the stock should move to the downside over the next few days to retest its previous resistance line at $14.38.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's all Folks. See you tomorrow !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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