Trade Alert $FSLR SHORT 35.16 As some of you have
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Trade Alert $FSLR SHORT 35.16
As some of you have noticed, solar has been on a tear lately. Today CNBC is hyping it as SCTY is IPO'ing this morning.
FSLR took a cliff dive from 50 bucks in January all the way down to 11.43 in May. The stock has moved off of the lows but is now starting to retrace into some major resistance levels.
There are multiple factors of resistance in the 35 area. First, the stock had a pivot at 35 right before a slight bounce and a gap down that preceded a move to the 11.43 lows. Second, there is a 61.8 retrace from the 50 dollar high to the low. Third, the stock is now very extended from the 20 DMA and almost vertical which shows that it is overbought and is overdue for a pullback to at least the 20 DMA.
There are additional layers of resistance above 35, the most important being 37.50 which is the gap window from December of last year.
Keep this short on your watchlist.
[IMG]http://i.imgur.com/cpVRY.png[/IMG]
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