FSLR = Double Top + Island Reversal
Heads up all.
Heads up all.
This is a great short setup with a technical footprint similar to the chart shared by Alex in his SpikeSpeak this last weekend where he showed a false breakout with a missing right shoulder for a short set up.
FSLR has the potential – with the bad news release today - to gap down below it’s trough and slow EMA and form an island reversal for a quality short play. I plan to let it gap and retrace to the pivot, then short.
FSLR has the potential – with the bad news release today - to gap down below it’s trough and slow EMA and form an island reversal for a quality short play. I plan to let it gap and retrace to the pivot, then short.
Stephen M
Stephen,
ReplyDeleteMany thanks.
Grant
Since it is in the sweet zone, I'm waiting for the price to go above the EMA13days and will see how the daily macd and volumes behave.
ReplyDeleteI follow the TAN ETF and I know FSLR as part of the new energy sector and a main component of TAN. TAN is drawing a triple daily top and a FI 13w divergence.
Thank you for your analysis.
I myself prohibit me to short energy sector due to risk of fundamental changing, eventhough the pattern is quite attractive.
ReplyDeleteRudi
At the time of your post I have to admit I did not see this stock breaking down...in fact it rallied for a few days then went down and sideways and finally broke support 15 days later...I wish I had this on my watch list...NICE CALL! I hope somebody rode it down to 140...
ReplyDeleteGood Trading,
Eric F