The video this transcript is based on appeared on December 19.
NEW YORK (TheStreet) -- SolarCity is jumping over 7% after announcing the opening of an operations center in New Jersey.
The sun is shining on the solar sector today with SolarCity (SCTY) up over seven percent. So what's in store for the stock? It's already moved up considerably this year. Well joining me now is T3 Live's chief strategic officer Scott Redler. So Scott, its already had an amazing year, what's next?
What's funny is last year at this time it feel that the whole sector was left for dead and then the beginning the year all the solars came into play and have had enormous moves. So at this particular point we're looking for set-ups. SolarCity is up seven percent today, yesterday the stock was nice and tight - great setup for traders. We actually even sent it out to our community last night, it was on Real Money Pro. Basically when they re-setup you go after it. Right now if you take a look at the chart for SolarCity you'll see how tight the pattern was. You look over there right there, nice consolidation, getting very tight. The buy area would have been around $54 and that was there this morning and now it's up seven percent. That stock probably see the low 60s.
Right I see that you've got a target of $65 on there now. There really hasn't been a lot of fundamental news. There was a little bit of good news about them opening operation center in New Jersey, they talked about this hot South Jersey demographic that things were so strong there that they have to hire people to get that the panels out to them.
I'll be honest, I don't see any news either, I just think sometimes when charts technically break out they go and they know there's a big short interest in SolarCity. When you have Musk behind the stock up and you have a hot sector like the solars, because you look at (FSLR) , it's up today. (CSIQ) is up today so not only is it SolarCity it's the sector and then when you pick a stock like that that has a good setup you can get up and go in. Right now it's like day one of a new breakout so I think it can continue.
Alright well there you go, if you don't already have SolarCity it might not be too late to get involved in it. That's Scott Redler from T3 Live and I'm Debra Borchardt with TheStreet.
Written by Debra Borchardt in New York.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts