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business newsWaiting for First Solar to Set
Decline depends largely on velocity.
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The intraday chart is also showing repeated visits to $126. Support visited repeatedly and frequently tends to break (visualize a hammer pounding on piece of wood).
Yesterday, I took a small short position in FSLR, and am waiting for heavier volume on the downside and a break of the 20-day moving average before believing the stock will actually visit the lows created by the gap down.
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Now, I'm looking to cover the First Solar (FSLR) short position on any of the following support lines from 105 to 110.
While the thesis is that it should revisit the old lows, in reality the decline depends on the velocity. Heavy selling could always denote a washout in the short term.
Click to enlarge
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