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[/et_pb_code][et_pb_text _builder_version=”4.8.1″ _module_preset=”default”]Today we’re taking a look at First Solar fslr. Now, I don’t have any seasonal data on First Solar. So this is going to be purely a technical play with a base from a few different perspectives here. So let’s start over here with the weekly and you’ll notice that we have trading at our into longer term price structure right here, this price structure, ie resistance up here at 113, to about 100. Note that resistance, or actually, let me say structure is not some horizontal line on a chart, it’s an area an area where price could or is likely to reject either to the short side or to the long side, if we’re talking about bullish support structure. Now, what I’m also going to do is draw this little trend line here on the weekly, and then I’m going to flip to the daily on the daily first thing that pops out here other than trading into key longer term structurally structure, ie the weekly and then rejecting this area, I’m seeing a broader base Head, Shoulders top forming with a neck line coming right here at the longer term trend line. So that’s what we call Confluence here. Notice, too, that we’ve got bearish divergence signals already coming about here that formed at the end of September, here was our last one, after we got that nice little trend line break, we fell quite nicely from 100, down to about 70 bucks or so now are the edge shoulders top, again, the rules are very simple. We’re measuring from the top of the head down to the neck line, and then down an equal distance, which would take us to about the 78 mark. And lo and behold, where does that take us? That takes us to our next projected target area. Even if we weren’t trading the head and shoulders top pattern, this likely area of structure right here at 83 to $85. So the play is wait for a break below the neck line here, which would also be a simultaneous break of this longer term trend line on the weekly our initial risk will come back up here above structure. And then as we start breaking down, we could move that down accordingly. But we’re going to be targeting the 8485 area. How do you play this, you can sell FSL our stock, you can buy put options, or you can sell out of money bear call credit spreads[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
