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Fan Yang

Sunpower (SPWR) at a Key Resistance Around $8.50

Sunpower Corporation $SPWR has been in consolidation mode since 2017. Within the context of this consolidation price is testing a key resistance around $8.50.

SPWR Daily Chart

(click to enlarge)

Resistance:
- The daily chart shows that price is testing a falling resistance and the 200-day simple moving average around $8.50.
- Meanwhile the RSI is right around 60 after tagging 30 in February.
- Basically, if price fails to clear $8.50, it might bears are in control.
Overall Price Action:
- The weekly chart shows that the overall price action before 2017 was bearish, and this bearish mode is still intact. 
- Note that if price holds under $8.50, SPWR would remain under the 100- and 50-week simple moving averages (SMAs).
- Furthermore, the structure of the consolidation since 2017 is a "head-and-shoulders" pattern. When this type of pattern appears after a bearish run, it signals that bears are still in control. 
- Because of these bearish signs, I think we should anticipate further downside towards the $5.00 area, which was a key support/resistance pivot in 2012.  

SPWR Weekly Chart

(click to enlarge)

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