Array Technologies receives buy rating from CitibankArray Technologies, Inc., a leading manufacturer of solar trackers, recently received positive remarks from Citibank, boosting investor confidence. Despite facing current operational challenges, including the firing of its CFO, increased transportation costs, project delays, and inflation pressures impacting margins, Citibank has upgraded Array Technologies' stock from neutral to "buy." Analysts underscore the company's long-term growth potential, particularly highlighting its innovative smart system launched in spring 2024, which leverages weather forecasts to protect solar panels from hail damage.
Technical analysis of Array Technologies, Inc. (NASDAQ: ARRY)
Let’s review the potential trading opportunities based on the technical aspects of Array Technologies' stock:
Timeframe : Daily (D1)
Current trend : An uptrend is beginning to form, indicating potential for significant growth.
Resistance level : 12.05 USD
Support level : 9.40 USD
Potential downtrend target : Should the stock enter a downtrend, the downside target could be around 6.50 USD
Short-term target : If the uptrend continues and the stock breaches the resistance at 12.05 USD, a short-term target could be set at 16.30 USD
Medium-term target : With sustained positive momentum, the stock price might aim for 20.15 USD
Investors should keep a close eye on Array Technologies, particularly as the market responds to Citibank's positive assessment. The company's strategic initiatives to navigate current challenges and its innovations in solar technology suggest a positive outlook.
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ARRY
Array Technologies Opportunity Array Technologies - NASDAQ:ARRY
Aksel Kibar from TechCharts was the first to cover this trade and after looking over his brilliant analysis which I highly recommend you review, I have added some of my own observations.
- Price is above the 200 DSMA & POC giving us good
underside support and good areas thereunder to
place a stop.
- My targets align closely with Aksel's targets,
however I have used Fibonacci Extensions and
amazingly these line up nicely with the pattern
targets outlined by Aksel. Targets Range: $34 -
$43.
Additional
- The DSS has crossed. Every past time this has
happened we have had a min 18% to 100% + move.
We could get another rejection here from the upper
purple boundary as we have had that 18%+ already
however given the H&S set up, DSS cross and the
ascending triangle we are in now, we would likely
bounce off the POC/200DSMA in the event off and
continue the ascent (no guarantees of course)
- The OBV underside resistance line has provided a
significant bounce in the past (green circle) and
this could be where we launch again from now and
with some luck break through the upper OBV
resistance line which would be a nice confirmation.
What is Array Technologies?
Headquartered in Albuquerque, New Mexico the company have manufacturing sites in Brazil and Spain which provide essential solar farming products through their many regional offices around the globe.
With a market cap of $3.3 Billion this Solar Product and Tracking company is small but has incredible potential.
The company offers four main products that allow for the build of highly weather durable solar panels that can be erected on very rough and uneven terrain without having to complete landscaping. They have refined their software and durable gearing mechanisms to maximize solar efficiency. The company hold the patents to these unique offerings.
AS recently as yesterday Array got an overall rating of 63 from Investors Observer. This means that it scores higher than 63% of stocks. Array also gets a 69 rank in the Technology sector.
From reading a little about the founder Ron Corio and the history of the company, it is clear that since inception in 1989 they have been reinvesting profits to expand their products and reach. Corio stepped down as CEO before the 2022 IPO and resigned from the board simultaneously becoming New Mexico's first billionaire and being named the Ron of Solar. The recent IPO in 2022 was a further signal of the company's expansion vision.
It will be fascinating to see how the company performs and how our chart progresses over the coming weeks and months
PUKA
Possible Bullish pattern on ARRYNice and pretty strong pattern is forming on the weekly time frame on ARRY- Array Technologies, the one called Ascending Triangle pattern. The formation is clearly visible with three confirmations already made at the top, and the best part, once it reaches the bottom line of the formation the drop is getting smaller and smaller.
Things to consider and watch:
1. Perfect entry point for me would be break of the upper line of the Ascending Pattern formation, sitting at price range from $23.76 to $24.
2. My stop loss would be a bit larger, sitting at $20, but I would be eager to act and move it up as the price goes up as well( of course if this happens).
3. First potential exit or adding to the position, depending on the price action, will be at level sitting at $27.88.
4. One of the best points in price, for potential take profit taking and the level I will be considering as the end of the Ascending Triangle pattern is sitting at range from $40 to $42.5 price level.
5. I have doubt about exiting the trade if it reaches the potential price of the pattern at $42.5, because the ATH price level will be just there, so I will surely let the price action tell me what to do and when to do it.
Of course, this is just my two cents. Please do your due diligence before investing.
$ARRY POTENTIAL LONG FROM £18Array Technologies Inc: Install the world's premier solar tracker easily, affordably and quickly in more places. Minimize environmental impact with reduced earthwork activities and grading costs.
$ARRY has been up trending since weeks, now testing support again.
Today's FED meeting will give us a clear vision on equities future, this setup is only valid if FED remains dovish.
ARRAY Tecnologies long potentialvreau sa va aduc la cunostinta de acest titlu cu enorm potential:
Aceasta companie se ocupa de implante pentru panele solare un sector in ultimii ani in foarte crestere.
-La moment pretul este de 27,54$ asta al face sa ajunga la 3,49B de market cap, un market cap foarte jos vazand cresterea esponentiala a companiei in ultimii ani (La care ajung la aproape 1B in anul 2020)
-Compania ii forate motivata la inovatii si produse noua, deja studiaza sa svilupe un nou DuraTrack in urmatorii ani, plus este foarte seriosa a cumpara sau a projecta noi tecnologii in acest sector.
Sfatu meu acu ca sta jos e sa cumparati la 27$ este un bun pret.
This Weeks Three Top Stock - Blended Price Chart for PerformanceThese are this week top three stock plays with a custom chart showing how they all move going forward. These are expected to rally within a 21 day window.
COVERED CALL CANDIDATES: AMRN, ARRY, FOLDAMRN at 3.33/share; sell Sept 16th 3.5 call; 2.75 db; max profit $75 (21.4% ROC).
FOLD at 7.00/share; sell Sept 16th 7 call; 6.20 debit; max profit $80 (12.9% ROC).
ARRY at 4.54/share; sell Sept 16th 5 call; 4.19 db; max profit $81 (19.3% ROC).
Notes: Preliminary/off hours. I would also note I haven't looked at these guys' pipelines (they're all biotech) or done due diligence, which is why I'm just looking at them as "candidates" at the moment.
$ARRY Will The Short Squeeze Continue on Array Biopharma?With Array Biopharma earnings this week, the chance of another short squeeze increases, but so does your risk. Golden Cross on Daily, positive divergence on MACD, riding the upper Bollinger Band as of 8/2. My $ARRY upside target is $5.47 NASDAQ:ARRY