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Watch for Shares of First Solar (FSLR) to Approach Resistance at $30.23

Published on Wed, 02/06/2013 - 10:39
By Robert Cotter

Shares of First Solar (NASDAQ:FSLR) have bullishly opened above the pivot of $28.44 today and have reached the first resistance level of $29.29. Should the shares continue to rise, the resistance pivots of $30.23 and $32.02 will be of interest.

First Solar (NASDAQ:FSLR) is currently priced 19.7% above its average consensus analyst price target of $24.07. The stock should find resistance at its 50-day moving average (MA) of $30.19, as well as support at its 200-day MA of $21.74.

First Solar, Inc. designs and manufactures solar modules. The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.

Over the past year, First Solar has traded in a range of $11.43 to $50.20 and is now at $29.98, 162% above that low. The 200-day and 50-day moving averages have moved 0.48% higher and 0.88% higher over the past week, respectively.

By Robert Cotter