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Canadian Solar (CSIQ) Slides to a Key Support

Canadian Solar $CSIQ has been consolidating since a rally fro mid 2018 to early 2019.

CSIQ Daily Chart

(click to enlarge)

- As we can see on the daily chart, price stalled after reaching the $25-$26 area. It came down to $17 and found support. 
- This was a good sign for the bullish continuation. However price didn't reach the previous high on the year and instead retreated after reaching the $24-$25 area in mid-August. 
- Since then, price has been falling. It fell sharply during the 9/25 and 9/26 session, closing right around $20. 
- Here, price is challenging a rising trendline and a previous support pivot. 
- This is going to be a key support for the bullish case. 
- If price instead clears below $20 to close the week, there is a good chance that it will fall back to the key support at $17. 
- Below $17, CSIQ is probably in bearish mode back towards the $10.75-$11 area. 

CSIQ Weekly Chart

(click to enlarge)

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