Almost two weeks ago, I described some bullish setups on solar stocks. Here is a quick update on those setups and related trades.
First Solar (FSLR)
FSLR is a picture-perfect setup from 200-day moving average (DMA) support. I sold my call options into the rally that stalled a little on the shortened trading day on Friday. FSLR is still my favorite solar stock, so I will be scoping it for the next short-term entry point.
SunPower Corporation (SPWR)
SPWR is still struggling to trigger a bullish setup. It continues to churn just below resistance at its 50DMA. SPWR is now a short if it manages to close below $22, the recent low. I am still looking for a bullish breakout above the 50DMA.
Canadian Solar (CSIQ)
CSIQ is a picture-perfect setup at 50DMA support. I never made a trade on this one. CSIQ still has sort-term upside potential to at least 24. A new post-earnings high would be very bullish, but resistance looms overhead from the 200DMA.
Solar City (SCTY)
SCTY may have finally bottomed for now. The rally off the recent bottom has put about 20% back on the stock. I sold my call options into the rally. The next threshold for SCTY is a move into the post-earnings gap down. Overhead resistance looms large as the 50DMA quickly trends downward.
Hanwha Q CELLS Co. (HQCL)
HQCL has been unable to make more progress since a strong bounce off 50DMA support. There is no new bullish trade here until the stock can print a breakout and close above $20.
Source for charts: FreeStockCharts.com
Overall, these select solar stocks remain of great interest even as Guggenheim Solar ETF (TAN) still sits near its low for 2015.
Be careful out there!
Full disclosure: no positions