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Canadian Solar (
CSIQ) designs, develops, manufactures and sells solar cell and solar module products that convert sunlight into electricity. This stock closed up 13.1% at $10.10 on Wednesday.
Wednesday's Volume: 6.99 million
Average Volume: 2.04 million
Volume % Change: 184%
Shares of CSIQ ripped higher on Wednesday after the company announced a new deal with Samsung Renewable Energy to open a new manufacturing facility in London, Ontario.
>>4 Tech Stocks Under $10 to Watch
From a technical perspective, CSIQ soared higher right above some near-term support at $8.30 with heavy upside volume. This stock has been trending sideways for the last month, with shares moving between $8.30 on the downside and $10.65 on the upside. Shares of CSIQ are now quickly moving within range of triggering a near-term breakout trade above the upper end of its sideways chart pattern. That breakout will hit if CSIQ manages to take out some near-term overhead resistance levels at $10.56 to its 52-week high at $10.65 with high volume.
Traders should now look for long-biased trades in CSIQ as long as it's trending above $9 and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.04 million shares. If that breakout triggers soon, then CSIQ will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that breakout are $12 to $13. Any high-volume move above those levels will then put its next significant overhead resistance levels at $14 to $16 into range for shares of CSIQ.