Sizing Up First Solar

I have to say I am split on First Solar (FSLR). My focus recently has been on the low-beta names when I'm not selling premium on the high-beta names. FSLR screams like it wants to move and wants to move big. The wedge is acting like shackles holding this one back. A move above $52 or below $48 should open up an additional move of $3 to $4 in prompt fashion. A short interest in the mid-teens helps my argument that this one could move big. We've had a few straight days where the initial move during the opening hours of trading has been somewhat muted on several of the well-known big-cap names, but there is enough emotion in FSLR to drive it tonight.

The chart is neutral to bearish. The price pattern has not broken down out of the wedge, so I can't call it bearish yet. We do have a MACD looking ready to crossover bearish and a CCI that has gone from strong momentum to below 50. While I lean a little bearish based on the chart, there isn't any confirmation as of yet, so I will tilt my play a bit bearish....214 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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