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First Solar(FSLR - Get Report) manufactures and sells solar modules with an advanced thin-film semiconductor technology, and it designs, constructs, and sells photovoltaic solar power systems. This stock is trading up 7.6% at $23.03 in recent trading.
Today's Volume: 9 million
Average Volume: 5.8 million
Volume % Change: 175%
From a technical perspective, FSLR is bouncing higher for the second day in a row off of extremely oversold levels. The current relative strength index (RSI) reading for FSLR is 37.22 and it's been under 30 for the past week. An oversold rating this low can always get more oversold, but it also can lead to strong bounces like we're seeing today in FSLR.
Traders should now look for long biased trades if FSLR can manage to take out or close near its daily highs. If we get that action, then look for FSLR to make a run at $25 to $27.35 or higher in the near-term. Look for any
high-volume move over today's daily high to signal that FSLR wants to continue its oversold bounce.
First Solar shows up on a March list of
3 Shorted Stocks Too Cheap to Sell.