FSLR weekly in a descending triangle. Sure this past week's big green bar looks promising, but we don't have to look too far into FSLR's history to see that these bars don't necessarily preclude continuation and aren't anything more, at this point, than a sign of short covering at support. It seems the only thing keeping this issue afloat is a weekly promise by our president that alternative energy is our saving grace. By the looks of it though, unless price can get beyond $150 in the near-term, price may be looking to dip it's toes below the $100 water-mark as buying interest wanes.This will be an important week or two for FSLR in gauging the overhead supply present at higher price levels and overall demand at lower price levels. The more often a supported price is tested the more people begin to believe it can test lower, especially if it is showing lackluster demand (as FSLR is showing here). A timely return to $100 may be quite bearish.
I will be updating this chart regularly.
This price action concept was covered recently at this link.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at firstname.lastname@example.org
I am always open to questions, comments, or suggestions on how to improve this blog.