First Solar (FSLR)

May 15, 2023Trade Ideas

We wanted to revisit First Solar (FSLR), which we spoke about on May 4.

We said, “At this point, the pullback is overkill.  Not only did it just refill a bullish gap, it’s over-extended on RSI, MACD, and Williams’ %R.  Typically, when these indicators get this low, we’ll see a pivot in the other direction not long after. In fact, the last time FSLR got this low on those indicators, FSLR exploded from a low of about $67 before running to $220.  The time before that it ran from a double bottom low of about $67 to about $85. With FSLR, we’re simply looking for a quick pivot from severely oversold indicators.”

At the time, FSLR traded at just over $175. Today, it’s up to $231.69 – and running. In fact, on Friday, the FSLR stock was up nearly $50 a share.  All on news it’s acquiring Evolar AB for up to $80 million. First Solar said the acquisition of the European company, which develops thin film used in solar panels, should accelerate its development of next-generation photovoltaic technology, as noted by CNBC.

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