Long
SUNE: Channel, Falling Wedge
SUNE has done a complete 180 from the new PRs; new leadership, new deals, paying off debts, and it looks like things are picking up. Besides the pretty news, I hadn't noticed before that SUNE was in a channel or perhaps a falling wedge, depending on how you look at it. It has just bounced off the lower support and it's working its way up to the upper resistance level. If SUNE breaks through the upper resistance, expect this one to continue bullish for a while.The short-term target price for the channel is $5.90-6.10. If it breaks through the upper resistance then expect it to climb its way back up to the previous trend line in the $30 price range. Hitting that $30 range will need to be accompanied by some more good news but that doesn't look like a problem given the multiple changes occurring within the company.
Analysts recommendations put it way above the current $4 price range.
Volume has been massive over the past few months as some hedge funds sold their shares but there are still lots of hedge funds that believe in the stock and it has caught the attention of many folks, as seen largely on twitter and StockTwits so buying pressure is increasing, since it was heavily oversold.
thepatternsite.com/fallwedge.html
thepatternsite.com/channels.html
finviz.com/quote.ashx?t=sune&ty=c&p=d&b=1
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.