First Solar Inc - (FSLR) - May 3, 2023 (Daily Stock Report)

by SIACharts.com

A six-week run in top spot of the SIA S&P 500 Index Report for First Solar (FSLR) has come to an abrupt end. Sentiment has soured significantly after the company reported disappointing earnings and the shares have crashed down into the Yellow Neutral Zone.

First Solar (FSLR) shares have staged a major breakdown over the last few days. Last week, a long-term uptrend for FSLR ended when the shares gapped down under $200.00, took out their 50-day moving average and completed a bearish Rising Wedge pattern with the sudden bearish shift in sentiment confirmed by a volume spike.

FSLR continues to fall, dropping toward $175.00, indicating continuing distribution. Next potential support appears at the 200-day moving average near $156.00, the $150.00 round number, or a previous low near $140.00. Initial resistance appears near $188.25, the highest trading level since the gap.

The technical trend for First Solar (FSLR) has suddenly flipped from positive to negative. In April, the shares completed a bullish triple top breakout and broke out to a new all-time high. This failed after one row, however, a bearish Bull Trap peak. Into May, the shares have fallen off a cliff, dropping back under $200.00, completing a bearish Triple Bottom and extending their decline into a continuing Low Pole.

Based on previous column lows, next potential support may appear near $159.15 and then $144.15, with the $150.00 round number and $152.95 based on a horizontal count in between them. Initial rebound resistance appears near $194.00 based on a 3-box reversal.

With a bearish SMAX score of 5, FSLR is exhibiting weakness against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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