SunPower

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SunPower ( SPWR) designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers. This stock closed up 4.66% at $30.35 in Monday's trading session.

Monday's Volume: 6.31 million
Three-Month Average Volume: 3.47 million
Volume % Change: 98%

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From a technical perspective, SPWR ripped higher here with strong upside volume. This stock has been uptrending strong for the last two months, with shares moving higher from its low of $20.61 to its intraday high of $31.19. During that move, shares of SPWR have been consistently making higher lows and higher highs, which is bullish technical price action. This move also pushed shares of SPWR into new 52-week-high territory, since the stock took out its previous 52-week high at $29.48.

Traders should now look for long-biased trades in SPWR as long as it's trending above Monday's low of $28.25 and then once it sustains a move or close above its new 52-week high at $31.19 with volume that hits near or above 3.47 million shares. If we get that move soon, then SPWR will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that move are $35 to $40.

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