First Solar Might Be Shining

First Solar has been climbing since last summer, and some trend followers might have noticed its recent pullback.

The main pattern on today’s chart is the price zone around $162. It was initially relevant as a high in early November. Prices bounced there a few weeks later and knifed below it the following month. The stock rebounded in early 2023 and rallied to new highs.

FSLR then proceeded to pull back and is now trying to stabilize near the same price area.

The level also corresponds to roughly a 50 percent retracement of the rally between January 5 and January 17.

Next, prices are back above the 21-day exponential moving average (EMA) and 50-day simple moving average (SMA). That may suggest FSLR is ready to resume its uptrend.

Finally, notice how MACD has turned positive again.

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FibonacciTechnical IndicatorsSupport and Resistance

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