Send me real-time posts from this site at my email
Fan Yang

Canadian Solar Inc. (CSIQ) - Bears Take Over

Recently, I noted some bullish price action in Canadian Solar $CSIQ. Indeed, price broke above a falling resistance, and made a higher low and higher high. However, price action to start the week suggests CSIQ is likely still sideways, or even bearish now.

$CSIQ Daily Chart

(click to enlarge)

ABC Correction:
- Apparently, I was wrong about the bullish breakout.
- Instead, price action was simply an ABC correction against a bearish trend that started when price retreated from $19.00 a share.
- After completing an ABC correction, we saw price start to slide. It plunged during the 6/4 session.
- At the moment, there is downside to $12, with the possibility of $10. 
- If we see any rebound, we should consider 2 key resistance levels: 1) $14.50-$15, and 2) $16-$16.50 area. 
 -As long as price holds under $16.50, we should assess CSIQ as bearish. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue