FSLR pushes through Thursday's high
First Solar Inc. (FSLR) Technical Analysis Report for Oct 16, 2020 | by Techniquant Editorial Team
FSLR ended the week 6.81% higher at 84.18 after gaining $1.90 (2.31%) today, strongly outperforming the S&P 500 (0.01%). Today's close at 84.18 marks the highest recorded closing price since September 16, 2011. Closing above Thursday's high at 82.85, the share confirmed its breakout through the previous session high after trading up to $2.65 above it intraday.
Daily Candlestick Chart (FSLR as at Oct 16, 2020):
Friday's trading range has been $3.86 (4.67%), that's slightly above the last trading month's daily average range of $3.35. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FSLR.
Prices are trading close to the key technical support level at 81.24 (S1). Prices are trading close to the key technical resistance level at 85.66 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 85.66 where further buy stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for First Solar. Out of 46 times, FSLR closed lower 52.17% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 58.70% with an average market move of -0.05%.