Thursday, July 2, 2009

First Solar Closes Stock Chart Gap on JP Morgan Downgrade; Stock Reverses Higher (FSLR)

Update: I forgot to link to the JPM downgrade, it's here.
Last in the series of posts that started June 3 with "Will First Solar Close the April 30 Chart Gap? (FSLR)":

Yes. IF it closes below approximately $176.25. When earnings were announced April 30 the stock jumped from the 4-29 close, $151.67 to open at $175, closing at $187.29.

In the past month the stock has had intraday lows of $176.36, $176.84, $176,87 and $176.26 on May 26. Here's the chart from BigCharts:

Followed by "First Solar: Stock Decisively Breaks Support (will it close there?); Company to Webcast Its Analyst/Investor Meeting on June 24, 2009" on June 14 and "First Solar: Chicken Trader Pulling the Plug (FSLR)" on June 23.
(the stock traded $9 higher in the 24 hours after that post before resuming the downtrend)
Today the stock opened down $3.59 from yesterday's close and in a few ticks was lower than the April 29 close of $151.67. Here's today's action:
Chart for First Solar, Inc. (FSLR)

Where to from here? Who knows. Probably lower but with less conviction than we've seen the last month.