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Thursday, May 21, 2009 

Stock of the Day - Renesola Ltd

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

SOL - The stock made a nice move on a good earnings report, closing up 7%. From a technical perspective, this stock looks great as well. It is currently moving in an ascending triangle formation and a breakout looks eminent. If it breaks out of the ascending triangle, target price is at 6.24. The volume for the past 3 weeks has been good so it is also a good indication that this stock is pulling out of the bearish dive. A good breakout volume would be above 4 million shares traded. The stock has been on a rise recently as K line is on top of D line indicating a buy signal. Now with stock back above 13 day and 50 day moving average the stock may see more up side with MACD also rising. SOL could be a good stock for medium-term investment, based on its historical performance and from the technical indicators. Let's keep an eye on it.

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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My name is Paul & I live in the UK,
Thanks for your analysis for SOL on your site, it is of great help to me & has inspired me to start doing more in depth research into my own portfolio, I currently trade as a hobby which I have done for two years now and have shares in the UK SOLA.L (SOL)traded on the London Stock Market, so was pleased to find a view on this share from the US.

Keep up the good work & thanks again.

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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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