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
