FSLR has now gone above yesterday's high, making yesterday's low now a possible successful retest of the important support between $34 and $36. Nonetheless, the bulls need to get the stock to get above the most recent high at 38.07 and close above the 200-day MA, currently at 37.65. If they can accomplish all of that, I will then add positions on any dip back down to 37.50.
I did check the chart of SPWR. I would not change my positions in FLSR for SPWR as I believe that FSLR has better upside, but SPWR has a good chart and should be moving up to the $33 level. With the stock trading at $22.50, it does give you some good upside potential.
I will keep an eye on your stock. Thanks for bringing it to my attention.
On a chart basis, FSLR is on a short-term downtrend but still in a mid-term uptrend since the 50-week, currently at 34.65, has not been broken. Further downside will likely be seen this week based on the fact the stock closed on the lows of the week and below the 200-day MA, with a retest of the 50-week MA in mind. The break of the 200-day MA is not as important as it would otherwise be for the simple reasons that the stock has been "straddling" that line for the past 2 weeks, closing both slightly above and slightly below the line on several occasions, as well as from the fact that the 50-week MA is currently so close and likely more important and indicative than the 200-day. In addition, the breakout level from the 2-year sideways trend the stock was in from Feb12 to Feb13 is at 34.09 on a weekly closing basis and at 36.13 on a daily closing basis, meaning that the $34-$36 area is considered a decent support level as well.
To the upside, FSLR has some very minor resistance at 38.07 and a bit stronger at 40.14. Further minor resistance is found at 41.00 and then again at the 50-day MA, currently at 43.85. Additional resistance is found at the gap area up at 45.80, which is also where the 100-day MA is currently located. If that gap is closed and the stock closes above the MA line there, the $50 level would become a strong magnet likely to be reached soon thereafter. Resumption of the recent up-trend would likely cause the stock to get above the recent high at 59.00.
To the downside, FSLR shows support at 36.13, at 35.14, at 34.85 and at 34.09.
I do want to mention that if FSLR closes above 37.52 and rallies intra-week above 38.07, a small buy signal will be given on the daily chart. A rally above last week's high at 39.46 would do the same on the weekly chart. These are both points that can be used to add positions if able to purchase the stock below 36.13.