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Thursday, November 06, 2008

First Solar, Inc. (NASDAQ:FSLR) Intraday Trade Setup

After several days of rocketing upwards after its earnings announcement, First Solar, Inc. (NASDAQ:FSLR) gapped down today. See 15min chart above. After gapping down, it tried to retrace on lower volume, but stalled at the downward sloping 20EMA, printing a shooting star. It was also unable to close above S1 of pivot point at about 169.37 (not shown). A good entry to go short or buy Put options would be at the break of the shooting star low. While the 50SMA appears just right below the shooting star, it is not of a big concern since its slope is pretty flattish.

Good to partial take profits at round number $160 or as it approaches a former resistance (see black line). That proved to be quite a strong support and the trade would have been shaken out by bullish bar formed at 12.45pm. After some consolidation, FSLR breakdown once more and eventually hit the 61.8% fibonacci extension from previous day high to today's ORL (opening range low)

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