This was a low made in April 2007. Even though that seems like a long time ago, if there is technical support (or resistance) points in a chart, they will be used at some point.
For shorts, do not look for FSLR to test 52.50 again today. It will trade higher the remainder of the day. If "fundamentals" do not improve in the next few weeks, then FSLR may look for another support level.
On March 5 2007 it hit 52.06 and March 26 it his 52.01. Ok, so that is not exactly 52.50, but today when it hit 52.50, it bounced hard.
The area of support is in the 52's based on going back to 2007. The reaction today off of that area, with strong volume at the time, was very positive.
Like any support level, if 52 doesn't hold "katy bar the door". No argument there. But at some point, technicals come into play. FSLR has fallen far enough to test an old level. I am betting it will recover some from here.
For the record, I just bought FSLR this morning and do not see it returning to its old luster anytime soon. But I am trading this for a near term bounce.
Going back 4 years to find support? LOL!!! There is no technical support left on this POS. The only thing to save it will be improving fundamentals, which, are nowhere on the horizon. Save the $50.00 bucks you have left in this POS and buy yourself a pizza dinner.
alphashort, I don't use the highly technical tools of a Ouija Board and the Magic 8 Ball like you do. I can't afford those new fangled tools.
If you do not want to look at charts, Fine that is your business. But they cannot be ignored. FSLR did not randomly bounce off of 52.50. There was a reason.
If you want to use your Magic 8 Ball...ask it you know what you are doing. "My sources say no "
i've played this stock both ways, i have no problem getting long below 55 dollars. i really thought last week we were going to see 72 dollars. i was wrong but still made money, not as much as i would've liked but still made money.
its way oversold, its looks like a bottom is being made, could take another week of it down here to confirm a bottom. nothing in the company has changed in the last month for it to lose 40% of its value. while i think triple digits will be tough to achieve, low 80's have a better chance than the 30's.
there will be a bunch of annoying people on here saying its going to trade 30 bucks but they have nothing to back it up. they think if they say it, it will cause people to sell.
we'll come back to this thread next monday and see where we are....
It looks to me like FSLR will go GREEN (as in positive) today. The support at 52.50 was strong.
This has been trashed heavily the last several weeks and investors are looking for a signal to get back in. This morning's low was the signal.