Solar Stock Catches Strong Support

Chart of the Day

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You are receiving this email because you are subscribed to Daily Guru Trades. If you no longer wish to receive these emails, please unsubscribe here. Oversold shares of First Solar (SYM: FSLR) look interesting again. After pulling back from about $300 to $216, the solar stock appears to have caught strong support at its 100-day moving average. Plus, it's starting to slowly pivot higher from over-extensions on RSI, MACD and Williams' %R. Helping, the company just beat second quarter earnings, and more than doubled its bottom line year over year. Q2 net income jumped to $349 million, or $3.25 a share from $171 million, or $1.59 a share year over year. Revenue jumped 25% to $.01 billion. Also, as noted by Seeking Alpha: Strong results were supported by a pull forward of 45X tax credits, Morgan Stanley analyst Andrew Percoco wrote; he expects "pricing upside to materialize in 2H24/early 2025 and see a strong buying opportunity following the recent selloff." 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