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5 Tech Stocks to Trade for Gains This Week

SunPower

We're seeing the exact same setup in shares of solar power systems maker SunPower (SPWR - Get Report), except this mid-cap solar name hasn't broken out yet. The breakout comes on a push through resistance at $34. When $34 gets taken out, buying shares becomes a high-probability trade.

>>5 Hated Earnings Stocks You Should Love

Whenever you're looking at any technical price pattern, it's critical to think in terms of those buyers and sellers. Triangles and other pattern names are a good quick way to explain what's going on in a stock, but they're not the reason it's tradable. Instead, it all comes down to supply and demand for shares.

That $34 resistance level is a price where there has been an excess of supply of shares; in other words, it's a place where sellers have been more eager to step in and take gains than buyers have been to buy. That's what makes a breakout above it so significant -- the move means that buyers are finally strong enough to absorb all of the excess supply above that price level.

Wait for the breakout before taking the trade.

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SYM TRADE IT LAST %CHG
ALU $3.96 0.00%
INFY $31.81 0.00%
INVN $15.49 0.00%
MU $29.20 0.00%
SPWR $33.97 0.00%

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