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Canadian Solar (CSIQ) Rises Along with Solar Stocks

By  +Follow March 28, 2014 11:46AM
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Shares in solar stock Canadian Solar (CSIQ) rose as much as 6.5 percent during Friday’s trading on a day of modest gains across the board for solar companies. Canadian Solar was riding high on the announcement of the sale of an 8.5 megawatt solar plant to a subsidiary of BluEarth Renewables for $47.75 million.

Sale Prompts Gains, Technical Signs May Also Boost Buying

The plant, which will be named Little Creek, is the first of four scheduled projects that Canadian Solar intends to sell to BluEarth that will ultimately have a combined capacity of 38.5 MW.

"We are pleased to complete the sale and transfer of the first of four solar projects to BluEarth Renewables," said Chairman and CEO Shawn Qu. "This is an important group of projects as it helps move BluEarth closer to its goal of having C$1 billion of high-quality, long-term contracted renewable energy plants. From Canadian Solar's standpoint, this successful project sale closure allows us to redeploy resources to other projects and to further expand our pipeline, which exceeds 4.5 gigawatts."

The stock opened up just over 1 percent at $30.85 a share, but it quickly picked up momentum in early trading and worked steadily to a peak of $32.62 a share. Shares retreated from there, trading close to $32 a share into the afternoon, though volume declined sharply after the stock reached its high.

Canadian Solar had been in a steep decline since it formed a double top at the start of the month, hitting resistance at about $42.50 a share and declining once investors and traders appeared to see limited upside in the near term. Prior to Friday, Canadian Solar had declined over 27 percent in the month of March.

However, while the catalyst for today’s gains is clearly news of the sale, there are some other technical factors that point towards the current decline pushing Canadian Solar into oversold territory. The stock’s MACD line had been moving almost in unison with its signal line until recently crossing over it from below, something commonly viewed as a buy signal. What’s more, the 14-day RSI was dipping close to the key level of 30 and the 14-day stochastic RSI was already trading below 0.20, both typically viewed as signs a stock is oversold by technical traders.

Gains for Solar Across the Board After a Week of Losses

Solar stocks as a monolith were driven broadly higher on Friday as well after comments from Sen. Sheldon Whitehouse (D-RI) indicated that tax credits for renewable energy should be extended to a meeting of renewable energy officlas.

“I think that there’s highly likely to be an extension,” he said. “There’s very strong bipartisan support for it. I’m relatively optimistic. It doesn’t mean that you guys shouldn’t be all in to make sure it happens.”

The most-prominent solar ETF, the Guggenheim Solar ETF (TAN) , gained just under 1 percent in Friday’s trading as solar companies across the board made modest gains on Whitehouse’s comments. This comes after a week when solar stocks were broadly down, falling throughout the week.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for TAN
Anthony Mazzucco
29 Jan 15 11:23:52
Sold out of $TAN in August and forgot about it. Just bought it back.
Scott Jensen
29 Jan 15 09:59:13
@TraderNdaDesert continued....Been reading a lot of NOOBS call this a positive divergence. #Wrong $Tan $Fslr $Scty
Scott Jensen
29 Jan 15 09:39:56
$Fslr $Tan $Scty I love shorting stocks while px has gone down for 4 months and technicals have recovered.#Nobrainer http://t.co/LidgLrsBNW
Lauren Holmes
29 Jan 15 09:10:57
$FSLR or $SCTY, which $TAN you think is best? Read our analysis here http://t.co/VrsGMCgPOC
Scott Jensen
29 Jan 15 08:26:49
@allstarcharts @GregGuenthner $Tan is F%*#^n toast. (Pun intended)
Jack Loftis
29 Jan 15 08:22:53
Public Trade. Closing $TAN Short for +2.9% profit in less than a week. (All 10 ETF trades closed profitably so far in January.)
J.C. Parets
29 Jan 15 08:13:03
still hasn't broken support yet. Waiting patiently RT @GregGuenthner @allstarcharts That $TAN relief rally didn't last very long...
Greg Guenthner, CMT
29 Jan 15 08:09:33
@allstarcharts That $TAN relief rally didn't last very long...
Lauren Holmes
29 Jan 15 07:49:30
$FSLR or $SCTY, which $TAN you think is best? Read our analysis here http://t.co/VrsGMCgPOC
Jack Loftis
29 Jan 15 00:41:23
@TraderNdaDesert Great for my $TAN Short position. Large position, in the green, but further to fall.
Lin/林莹君
28 Jan 15 15:39:40
solar stocks A--B--C, we stay short $CSIQ $TAN $FSLR $SCTY the bottom of chart isn't the bottom of price.
Rosner Stocks
28 Jan 15 15:09:11
$TAN Short Sales Updated Wednesday, January 28, 2015 5:59:22 PM $USB $IEF $CELG $AOS http://t.co/sQadG9WZhM
PolgarStocks
28 Jan 15 15:08:41
$GLUU Percent Change Updated Wednesday, January 28, 2015 5:07:22 PM $F $MNKD $AEM $TAN http://t.co/Snjxa7wwaV
Langan Stocks
28 Jan 15 14:57:43
$FXCM Stock Price Updated Wednesday, January 28, 2015 5:03:24 PM $TAN $FNV $PBR $IBM http://t.co/BkPPZVVI1X
Scott Jensen
28 Jan 15 14:37:31
@ETFSwingTrader $Tan is set to crash. Own oom Feb puts on $Fslr and $Scty.
Scott Jensen
28 Jan 15 14:36:43
@beckyhiu $Tan is set to crash.
gold_harvester
28 Jan 15 14:34:19
Sector Weekly Strength Index No. 3: $TAN. $TAN seems to have a larger down move today compared with disappointing U.S. stock....
Langan Stocks
28 Jan 15 13:56:37
$TAN Financials Updated Wednesday, January 28, 2015 4:03:25 PM $UNG $VZ $LVS $EWA http://t.co/f54dPXYZJt
IG: la_jetson
28 Jan 15 11:06:54
RT @StanGotBandz: Have you heard ‘Aint See It Coming’ by $TAN G on #SoundCloud? https://t.co/6IYWPIYAnv
Jack Loftis
28 Jan 15 11:05:48
Public Trade. Holding 5% (1/2 position) $TAN Short. (Currently +1% profit, and further to go.)
PolgarStocks
28 Jan 15 11:00:41
$BAC Last Price Updated Wednesday, January 28, 2015 1:07:25 PM $TAN $A $MMM $EA http://t.co/6A2fNwuiz4
$.
28 Jan 15 10:41:51
Have you heard ‘Aint See It Coming’ by $TAN G on #SoundCloud? https://t.co/6IYWPIYAnv
Lauren Holmes
28 Jan 15 09:00:15
$FSLR or $SCTY, which $TAN you think is best? Read our analysis here http://t.co/VrsGMCgPOC
alpe pinnazzo
28 Jan 15 08:20:41
US: "Every Three Weeks, We Bring Online as Much Solar Power as We Did in All of 2008" http://t.co/OgRZ6lr6Br $TAN
Jack Loftis
28 Jan 15 06:45:57
$TAN heads for the shade, in support of my public Short trade. Much further to go. #ETFSwingTrader http://t.co/HRM78MpxU5
Becky Hiu
28 Jan 15 06:43:19
Commented on StockTwits: Lol we were just talking about $TAN looking good http://t.co/Z5nuC0pdJZ
Erlend Opdahl
28 Jan 15 06:23:39
$XLE and $TAN: My best guess for the next five years? Gap will narrow and possibly close. http://t.co/2W1Sqjrgdn
Langan Stocks
28 Jan 15 05:49:14
$ERF Reviews Updated Wednesday, January 28, 2015 08:03:22 AM $DUST $TAN $UUP $AVGO http://t.co/DtWysDfNlJ
PolgarStocks
28 Jan 15 01:53:11
$TAN Financials Updated Wednesday, January 28, 2015 04:07:24 AM $SIRI $X $AXP $GE http://t.co/hOd3Q9mGnX
Rosner Stocks
28 Jan 15 01:53:07
$GG News Updated Wednesday, January 28, 2015 03:59:26 AM $VGZ $TAN $OIH $UVXY http://t.co/oZRqrSC8US
Rosner Stocks
28 Jan 15 01:53:05
$TAN Filings Updated Wednesday, January 28, 2015 03:59:26 AM $JNK $FXI $VGZ $SIRI http://t.co/QdlgJ7gwqN
Langan Stocks
28 Jan 15 00:46:05
$BAC Stock Message Board Updated Wednesday, January 28, 2015 03:03:26 AM $DIA $TAN $NEM $MYEC http://t.co/0REzhrUoXm
IH News Desk
27 Jan 15 22:54:08
$SMH Reviews Updated Wednesday, January 28, 2015 01:11:21 AM $SMN $AEM $TAN $WFC http://t.co/QC3oJKnfHx
IH News Desk
27 Jan 15 22:54:05
$ADMD News Updated Wednesday, January 28, 2015 01:11:21 AM $TBT $RSX $IBM $TAN http://t.co/oqNP13TxWW
Langan Stocks
27 Jan 15 22:43:43
$TAN Recent News Updated Wednesday, January 28, 2015 01:03:23 AM $ERF $CYTK $HEMP $FWDG http://t.co/ayibY28f5Q
Matt Hawryluk
27 Jan 15 22:13:38
$TAN THE MAN!
PolgarStocks
27 Jan 15 20:47:37
$XLP Opinions Updated Tuesday, January 27, 2015 11:07:25 PM $MCD $SVXY $CSX $TAN http://t.co/lPjyvIxDSv
IH News Desk
27 Jan 15 18:50:37
$XLE Stock Price Updated Tuesday, January 27, 2015 9:11:23 PM $CSX $TAN $ACT $COP http://t.co/cy7hxDfdXD
IH News Desk
27 Jan 15 17:49:37
$XOM Short Sales Updated Tuesday, January 27, 2015 8:11:23 PM $EEM $EWT $AA $TAN http://t.co/i4BT2iRDzw
Mark Freeman
27 Jan 15 17:40:57
$GLD update: Leading market sectors higher Tues included: $TLT $GLD $SLV $GDX $RSX $TAN $USO $UNG, while everything else lead markets lower.
Langan Stocks
27 Jan 15 17:38:11
$TKMR Financials Updated Tuesday, January 27, 2015 8:03:25 PM $PBR $GPRO $QLD $TAN http://t.co/Tv7Hia6B5k
Ben Silverberg
27 Jan 15 17:33:45
Leading market sectors higher Tues included: $TLT $GLD $SLV $GDX $RSX $TAN $USO $UNG, while everything else lead markets lower. $SPX $SPY
gold_harvester
27 Jan 15 14:05:48
Sector weekly strength index No.1: $TAN. It's quite bullish because of green energy aspirations for India and other countries....
Alicia Guillén
27 Jan 15 12:45:14
@hectorperez201 @garciabanchs @jccvelasquez La distorsión que genera ese control $tan bajos solo para mafias y un negro tan alto para un
Roberee
27 Jan 15 12:10:38
$TAN solar power...
afha
27 Jan 15 11:33:33
RT @tradermarket247: Solar continue to perform well! $FSLR $TAN $SOl $CSIQ $JASO $SPWR
Steve L
27 Jan 15 11:28:14
Solar continue to perform well! $FSLR $TAN $SOl $CSIQ $JASO $SPWR
Jack Loftis
27 Jan 15 11:15:21
Public Trade. Adding 3% $TAN Short today (for 5% or 1/2 position). [This is the way I build ETF trades for 90% win rate.]
BNK Invest
27 Jan 15 09:18:35
Use Options For a Chance To Buy $ABY at a 19% Discount $TAN #stockoptions http://t.co/x2MGRoFxzL
Lauren Holmes
27 Jan 15 08:52:29
$FSLR or $SCTY, which $TAN you think is best? Read our analysis here http://t.co/VrsGMCgPOC
				
				
By  +Follow March 28, 2014 11:46AM
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