Diary of a Financier

First Solar Turns Long-Term Bullish

In Capital Markets on Fri 10 Dec 2010 at 12:08
  • FSLR finally a long-term outperform.
  • Buying FSLR slowly until 2011 outlook call on 12/14 & breach of $140 H&S resistance.

Finally, after a year of oscillating between $100-150 bounds, First Solar (FSLR) is prepared for an assault on its long-term resistance, a triple top around $150.

FSLR Weekly Chart

It has taken its time to regroup after a mediocre earnings call on 10/28, exactly as expected in my 11/2 tweet.  I’ve traded this range with striking success since 2009, but despite my expectation of this regrouping, I missed my entry point and the stock has taken off in the past week.

Nevertheless, I’m scaling into it, building my stake a few blocks at a time, particularly since the 2011 outlook will be announced on 12/14/2010, and there are short-term headwinds in the price action: namely, a Head & Shoulders first resistance at $140. 


  1. Update: Solar stocks rally after Senate negotiators approve one year extension of tax grants to US wind and solar companies.


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