FSLR Up as Energy Prices Rise (FSLR)
FirstSolar (Nasdaq: FSLR) shares slipped 1.53% this morning, trading at$198.84. First Solar designs and manufactures solar modules using athin-film semiconductor technology. The company’s solar modules employa thin layer of cadmium telluride semiconductor material to convertsunlight into electricity.
FirstSolar, along with other popular stocks, appears to be on an uptrendlately as oil prices head toward $60 a barrel, a psychologicallyimportant level.
MarketIntelligence report noted that the FSLR has ranged from a low of $85.28to a high of $301.30 over the last 52 weeks, with support around$176.04 and resistance in the $201.12 range. Technical indicators forthe stock are neutral and S&P gives FSLR a neutral 3 star out of 5hold ranking, the report said.
DespiteWall Street’s morning slump today, solar stocks are set to makesignificant moves as companies turn toward alternative energy amidrising energy costs. Also, Obama recently announced plans for anothersubsidy program in the proposed clean-energy bill, further bolsteringthese stocks. The bill is anticipated to be voted on in the Housebefore the Memorial Day weekend.
FirstSolar has long-term solar module supply contracts (the Long Term SupplyContracts) with one United States and 15 European project developers,system integrators and operators.
Thecompany’s customers develop, own and operate solar power plants or sellturnkey solar power plants to end users that include owners of land,owners of agricultural buildings, owners of commercial warehouses,offices and industrial buildings, public agencies, municipal governmentauthorities, utility companies and financial investors that desire toown large scale solar power plant projects.
Inits recent chart, FSLR is trading within its Bollinger Bands, a normalcondition signaling that the stock is neither overbought nor oversoldrelative to the recent price action. MACD currently reflects weakbearish signal, with the indicator above the critical level of 0 buthas crossed below its 9-day signal line, indicating that positivemomentum. With share prices currently above the stock’s 13-day movingaverage, a bullish trend is indicated. Also, a rising moving averagesignals that there has been buying interest in this stock.
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