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Fan Yang

Canadian Solar Inc. (CSIQ) Maintaining Bullish Price Action

A few weeks ago, we noted that Canadian Solar $CSIQ was consolidating after a bullish breakout. We saw thatCSIQ has completed a price bottom, so the consolidation was a hesitation of whether to extend the bullish recovery or if bears are still in control. Looking at the chart at the start of this week, it looks like bulls are in control.

CSIQ Daily Chart

(click to enlarge)

Bullish Signs:
- Price is still holding above both the 200- and 100-day simple moving averages (SMAs).
- The gap between the 200- and 100-day SMAs is growing, while both are sloping up.
- The RSI has held above 40 for the most part after retreating from above 70 in July. 
- Price has held above the key support around 14.85-15. In fact, the recent inability to reach down here suggests bulls are taking over.

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