Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?



Canadian Solar (CSIQ) Rises Along with Solar Stocks

By  +Follow March 28, 2014 11:46AM
Tickers Mentioned:

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. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for TAN
1 Jul 15 20:02:34
Weakest sector solar again posted last week $fslr $scty -4% $sune $jaso -2%$yge -5% $tan
1 Jul 15 17:48:16
$CAFD is at a investable level right now with potential ST volatility. Not yet included in $TAN, will pop after addition. Definitely a trade
1 Jul 15 17:13:35
http://t.co/i8er1mxLgM Most popular stock trading learning tools $ABX $CY $IBKR $TAN $XLK $UNP $SE
Foghorn returns
1 Jul 15 15:45:47
$TAN $KWT #Solar was never going anywhere since there were too many flaws. As for coal the only real option well hope you like inflation.
Foghorn returns
1 Jul 15 15:44:21
$TAN $KWT I hope that #liberals like higher energy prices by an oligarch like the #Rothschild family because they now control the market.
Foghorn returns
1 Jul 15 15:43:01
$TAN $KWT Face it #liberals you have been conned and #Obamao has deceived you. #Solar was never an option but I'm not ready to show proof.
Foghorn returns
1 Jul 15 15:40:51
$TAN $KWT Thank #Obamao for handing over the largest and best coal companies to the #Rothschild losers who control 100% of the market.
1 Jul 15 15:19:25
exiting $TAN for a loss...entered on 4/1 and hasn't done much but go down...
Jeri Labor
1 Jul 15 13:45:39
RT @rosnerstocks: XBI SPDR S&P Biotech Index ETF Chart http://t.co/vjkxlj5yuD $XBI $TAN $CVS $AAU #XBI #tradeideas #share
1 Jul 15 11:58:48
Guess we are back to this drop in oil means bad for solar crap again, seriously wtf $TAN $SCTY $FSLR
BullTrade Corp.
1 Jul 15 11:46:13
$FSLR at $44.75 is the place to buy. Love this stock. $SPWR looks good too. $SUNE $TAN $VSLR $SCTY
1 Jul 15 10:53:49
Solar stocks drop as oil falls; Deutsche defends http://t.co/RI56lFssy0 $CSIQ, $SCTY, $YGE, $VSLR, $SKYS, $SLTD, $TERP, $CAFD, $TAN, $KWT
Trading Derivatives
1 Jul 15 10:42:47
RT @ETFalpha: Solar stocks drop as oil falls. $TAN
1 Jul 15 10:40:17
Solar stocks drop as oil falls; Deutsche defends $CSIQ $SCTY $YGE $VSLR $SKYS $SLTD $TERP $CAFD $TAN $KWT http://t.co/iClIrJRn4X
EMerging Equity
1 Jul 15 10:31:15
Solar stocks drop as oil falls. $TAN
1 Jul 15 09:35:07
$CSIQ solar sector worse yet to come, we stay short. $SCTY $TAN $FSLR $TSL
Market Int Center
1 Jul 15 09:06:34
Potential Guggenheim Solar ETF $TAN Trade Targets 5.78% Return ( http://t.co/Ywr1VzIyDB )
Pepe Plata
1 Jul 15 07:53:11
$OREX Orexigen Therapeutics http://t.co/xynX7aQiCX $TAN $DIA $IYT $AAL #TAN #tradeideas #pennystocks $T $OPK $DNRG $XLP #T #finance $TASR
Pepe Plata
1 Jul 15 06:31:24
$SHOP Shopify Inc. http://t.co/xynX7aQiCX $TAN $DIA $IYT $AAL #TAN #tradeideas #pennystocks $T $OPK $DNRG $XLP #T #finance $TASR $JKS $BLRX
Trading Derivatives
1 Jul 15 05:45:58
RT @ETFtrends: A Fine Tech ETF Idea for July, June ETF Performance Report, Solar ETF Loses a Problem, Utilities $VGT $XLU $XLE $TAN http://…
1 Jul 15 05:42:06
NFLX Netflix, Inc. Ask Size http://t.co/uZYaIKtUxp $NFLX $TAN $JNK $MBI #NFLX #pennystocks #stocks
Lucky Jimmy
1 Jul 15 05:40:10
KING King Digital Entertainment Plc Chart http://t.co/l348qnSELN $KING $TAN $LQD $FV #KING #investing #finance
Investors Hangout
1 Jul 15 05:39:13
HEU.TO Horizons BetaPro S&P/TSX Capped Energy Bull Plus ETF Last Price http://t.co/9JegezA7oP $HEU.TO $TAN $OZRK $JO #HEU.TO #share…
ETF Trends
1 Jul 15 05:30:08
A Fine Tech ETF Idea for July, June ETF Performance Report, Solar ETF Loses a Problem, Utilities $VGT $XLU $XLE $TAN http://t.co/Xr9xIoUvyw
Lucky Jimmy
1 Jul 15 03:50:05
VNQ Vanguard REIT VIPERs E.P.S. http://t.co/sQXk1kLEep $VNQ $AAL $TAN $LFAP #VNQ #nasdaq #nasdaq
1 Jul 15 03:49:47
TAN Guggenheim Solar ETF Day Low http://t.co/xItqcaEsLS $TAN $WMT $BMY $EPZM #TAN #nasdaq #investing http://t.co/Csk7miIhta
Rosner Stocks
1 Jul 15 03:49:36
XBI SPDR S&P Biotech Index ETF Chart http://t.co/vjkxlj5yuD $XBI $TAN $CVS $AAU #XBI #tradeideas #share
1 Jul 15 03:48:38
TAN Guggenheim Solar ETF Day Low http://t.co/xxy1vcOUZm $TAN $WMT $BMY $EPZM #TAN #nasdaq #investing
SMPH #Sanders2016
1 Jul 15 03:48:21
TAN Guggenheim Solar ETF Chart http://t.co/6qnzB1B3hn $TAN $QTMM $GEQU $CELG #TAN #invest #nasdaq http://t.co/mWqUw0JyJe
Rosner Stocks
1 Jul 15 03:48:12
TAN Guggenheim Solar ETF Change http://t.co/6JSqI1DaFP $TAN $POST $CATV $BAC #TAN #finance #pennystocks
Lucky Jimmy
1 Jul 15 03:48:09
TAN Guggenheim Solar ETF Chart http://t.co/nfxE34hEFU $TAN $TECL $USO $TMMI #TAN #share #invest
1 Jul 15 03:47:12
TAN Guggenheim Solar ETF Chart http://t.co/VSUmkw8Ony $TAN $QTMM $GEQU $CELG #TAN #invest #nasdaq
1 Jul 15 03:47:07
TAN Guggenheim Solar ETF Day Low http://t.co/Rwbil85kse $TAN $USERX $PMCB $ARWR #TAN #finance #pennystocks
1 Jul 15 03:46:39
SRNE Sorrento Therapeutics, Inc. Bid http://t.co/36cdTv0OVz $SRNE $TAN $XLP $AVEW #SRNE #investing #nasdaq
1 Jul 15 03:45:13
PG Procter & Gamble Co. 52Wk High http://t.co/awbF9lhOHO $PG $GDXJ $TAN $AXPW #PG #tradeideas #tradeideas
1 Jul 15 03:42:11
LFAP LifeApps Digital Media Inc. Market Cap http://t.co/7FSAX46ZvJ $LFAP $TAN $XLE $NUGT #LFAP #tradeideas #stocks
1 Jul 15 03:41:57
PolgarStocks: HAO Guggenheim China Small Cap ETF Stock Message Board http://t.co/UUYuMapRvs $HAO $TAN $FXB $FIT… http://t.co/Z2kvWGlcTg
1 Jul 15 03:41:53
leahanneta: HAO Guggenheim China Small Cap ETF Stock Message Board http://t.co/YPjyjOErTe $HAO $TAN $FXB $FIT #… http://t.co/Z2kvWGlcTg
1 Jul 15 03:40:36
HAO Guggenheim China Small Cap ETF Stock Message Board http://t.co/Lp01Su8B6m $HAO $TAN $FXB $FIT #HAO #finance #share
1 Jul 15 03:40:36
INTC Intel Corp. Exchange http://t.co/7K6mm3lmvt $INTC $DFS $R $TAN #INTC #stock #tradeideas
1 Jul 15 03:40:35
HAO Guggenheim China Small Cap ETF Stock Message Board http://t.co/n6DJdSZ2cN $HAO $TAN $FXB $FIT #HAO #finance #share
1 Jul 15 03:40:07
HVU.TO Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF Market Cap http://t.co/qQhag6mIOy $HVU.TO $AMD $XSP.TO $TAN…
1 Jul 15 03:39:38
GOOG Google Inc. - Class C Bid http://t.co/cUeDSBfFnh $GOOG $ASML $TAN $UPRO #GOOG #pennystocks #pennystocks
1 Jul 15 03:39:36
FV First Trust Dorsey Wright Focus 5 ETF P/E Ratio http://t.co/ZaHCo9e2te $FV $TAN $DIS $ABG #FV #share #investing
1 Jul 15 03:39:22
GDX Market Vectors Gold Miners Ex-Div Date http://t.co/4g1jBSvyyt $GDX $TAN $LPG $BABA #GDX #share #stock
Stock Forums
1 Jul 15 03:39:10
EEM iShares MSCI Emerging Markets Quotes http://t.co/pjcQW4263v $EEM $TAN $TASR $DXJ #EEM #stock #investing
1 Jul 15 03:37:37
EGRX Eagle Pharmaceuticals, Inc. Market Cap http://t.co/YMhfvlCpN6 $EGRX $DIA $TAN $DBA #EGRX #nasdaq #investing
1 Jul 15 03:37:07
EEM iShares MSCI Emerging Markets Investor Opinions http://t.co/8mWYzJ1mDK $EEM $ANAS $TASR $TAN #EEM #stock #share
1 Jul 15 03:34:07
AMCX AMC Networks Inc. Message Board Posts http://t.co/cF3dVyDVoN $AMCX $XLY $TAN $IEF #AMCX #investing #stockmarket
1 Jul 15 03:33:40
ASHS Deutsche X-trackers Harvest CSI 500 China A-Shares Small Cap ETF Shares http://t.co/baPAUXqMKy $ASHS $TAN $JBLU $MO #ASHS #stock…
By  +Follow March 28, 2014 11:46AM



blog comments powered by Disqus


 Today's Must Reads

Microsegmentation: The Future of Cybersecurity?

How this Playboy Playmate Became a Better Stock Trader Than You

Long Term Rates Are On The Up…What’s Next?

The Modern Web: So Many Ways to Invest in Wireless Mobile Stocks

It's Time for the Rest of the Country to Legalize Weed


Do you expect a 10% correction by the end of 2015? in Equities.com Polls on LockerDome

About us

Equities.com is an advanced financial data portal and social network designed to connect self-directed investors with the world’s most innovative startup and small cap companies. Through our in-depth coverage of small cap markets, comprehensive research and stock valuation reports, state of the art issuer products, and world class events, Equities.com provides the social tools and insight that drive tomorrow’s investment relationships and opportunities.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.

Login or Register