Hot stocks for Friday – First Solar (FSLR) and Evergreen Solar (ESLR)
ESLRis falling in the after-hours session after reported a wider quarterlynet loss on lower selling prices and rising start-up costs forproduction facilities. The second-quarter net loss was $20.3 million,or 11 cents per share, compared with a net loss of $8.9 million, or 8cents per share, a year ago. From the chart, we can see the stock hascrashed 25 per cent from its recent peak of $2.96 and has beenrebounding since. At this stage, the price movement has been marked bya high degree of volatility. The near-term outlook would depend on theprice movement in the next few days. A close above $2.43 would impartbullishness and would help the stock move to the Rs 2.9-3 band. A dropbelow 2.13 would have negative implications that would push the stockdown to the Rs 1.9-2.0 range. Remain invested with a stop loss at $2.13.
FSLR- The company released better then expected numbers after Thursday’sclose, however the stock lost some momentum in the after hours trading.If this sector shows strength on Friday, I will buy FSLR aboveThursday’s high of 175.88. If the stock breaks this level on a closebasis, we should see it pause at $187.50. On the contrary, a closebelow 167.84 would have bearish implications and would push the stockto the 160-150 range.
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