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


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Results for TAN
Dr. Duru
19 Apr 15 00:01:04
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18 Apr 15 15:55:50
Why Energy Storage is About to Get Big – and Cheap | Ramez Naam http://t.co/ytYXKHPMIW <- just read. good stuff. $TAN $FAN $TSLA
Grace
18 Apr 15 14:36:32
Photo: phuckindope: $tan Smith. http://t.co/qGfLhoLgmz
PolgarStocks
18 Apr 15 14:16:09
$TSLA Reviews Updated Saturday, April 18, 2015 5:07:18 PM $UVXY $ADMD $TAN $JNK http://t.co/VJzNUMfoNJ
IH News Desk
18 Apr 15 13:50:10
$IRDM Company Info Updated Saturday, April 18, 2015 4:11:14 PM $CELG $TAN $DBA $CSCO http://t.co/sjtkjn88Oi
Langan Stocks
18 Apr 15 13:14:09
$GS Opinions Updated Saturday, April 18, 2015 4:03:21 PM $TAN $IBM $SVXY $IYT http://t.co/PJcbixsg7B
Rosner Stocks
18 Apr 15 12:13:08
$ITB News Updated Saturday, April 18, 2015 2:59:25 PM $TAN $LUV $TZA $BAC http://t.co/ZzwzHZ5zwC
PolgarStocks
18 Apr 15 12:13:05
$NBG Stock Message Board Updated Saturday, April 18, 2015 3:07:18 PM $TAN $MYEC $PAM $JCP http://t.co/AJRISyJ7cQ
PolgarStocks
18 Apr 15 11:12:09
$TAN News Updated Saturday, April 18, 2015 2:07:17 PM $DUST $EFA $NFLX $NFLX http://t.co/80wFmrxtDo
PolgarStocks
18 Apr 15 10:11:07
$PCLN Investor Opinions Updated Saturday, April 18, 2015 12:07:17 PM $TAN $V $NVAX $AMZN http://t.co/P6eeKbZTGx
IH News Desk
18 Apr 15 09:46:42
$TAN Financials Updated Saturday, April 18, 2015 12:11:14 PM $RUSL $STX $TZA $GFI http://t.co/VBmZx5hydX
Langan Stocks
18 Apr 15 09:10:43
$TAN News Updated Saturday, April 18, 2015 12:03:20 PM $EWJ $NBG $NUGT $SMN http://t.co/EZy4HbNPRH
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18 Apr 15 09:10:07
$JNK Percent Change Updated Saturday, April 18, 2015 11:59:24 AM $TAN $XHB $BIDU $PBR http://t.co/mhWAegSNE2
James DiPlata
18 Apr 15 08:35:38
RT @IHNewsDesk: $BIB Company Info Updated Saturday, April 18, 2015 10:11:13 AM $TLT $TAN $BTU $BABA http://t.co/2BCtOQXBl1
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18 Apr 15 08:10:13
$PCLN Percent Change Updated Saturday, April 18, 2015 10:59:24 AM $TAN $XLK $TSLA $KMI http://t.co/GjoCgUT0ay
Rosner Stocks
18 Apr 15 08:10:13
$MDCN Investor Opinions Updated Saturday, April 18, 2015 10:59:24 AM $TAN $AAPL $SVMI $WMIH http://t.co/RfrwpY2bIs
Rosner Stocks
18 Apr 15 08:10:11
$TAN Reviews Updated Saturday, April 18, 2015 10:59:24 AM $RUSS $FXE $MAT $EWJ http://t.co/4i7OIFegwe
IH News Desk
18 Apr 15 07:45:06
$BIB Company Info Updated Saturday, April 18, 2015 10:11:13 AM $TLT $TAN $BTU $BABA http://t.co/2BCtOQXBl1
ThomP
18 Apr 15 07:03:10
These 3 ETFs Are Topping Peers In 3 Top Categories http://t.co/eB7XYMek57 #IBDNews via @IBDinvestors $FCA $TAN $HEWG
PolgarStocks
18 Apr 15 05:07:12
$TAN Last Price Updated Saturday, April 18, 2015 07:07:15 AM $JNK $SOXL $GS $XLY http://t.co/fweDS3YEAx
PolgarStocks
18 Apr 15 05:07:09
$AAPL Filings Updated Saturday, April 18, 2015 07:07:15 AM $TAN $XIV $TEVA $NTEK http://t.co/UdysE8qgTO
Langan Stocks
18 Apr 15 05:06:11
$TWTR Filings Updated Saturday, April 18, 2015 07:03:18 AM $PSLV $XLI $TAN $AA http://t.co/PfLrWK6SxI
Langan Stocks
18 Apr 15 05:06:08
$BMY Stock Forum Updated Saturday, April 18, 2015 07:03:18 AM $TAN $GLD $MTL $XOM http://t.co/KigHcz9J2x
IH News Desk
18 Apr 15 04:42:10
$TAN Stock Message Board Updated Saturday, April 18, 2015 07:11:12 AM $UPS $VTI $PBR $ARIA http://t.co/6sVfWXPWvY
PolgarStocks
18 Apr 15 04:07:08
$NGCG News Updated Saturday, April 18, 2015 06:07:15 AM $PAM $GOOG $FB $TAN http://t.co/RHkRPc7BSr
PolgarStocks
18 Apr 15 03:05:36
$XLF Stock Message Board Updated Saturday, April 18, 2015 05:07:15 AM $GG $TAN $BX $CELG http://t.co/gVfS9cvVn8
PolgarStocks
18 Apr 15 02:04:34
$ABC Last Price Updated Saturday, April 18, 2015 04:07:15 AM $TAN $FWDG $EWJ $TNA http://t.co/TzJ4DQrafJ
Rosner Stocks
18 Apr 15 02:04:34
$SYN Short Sales Updated Saturday, April 18, 2015 04:59:21 AM $HYG $GDXJ $TAN $USO http://t.co/zxVkvyN8hz
PolgarStocks
18 Apr 15 02:04:33
$TS Opinions Updated Saturday, April 18, 2015 04:07:15 AM $VXF $RIGH $EFA $TAN http://t.co/WldcT5OQld
IH News Desk
18 Apr 15 01:40:12
$BX Last Price Updated Saturday, April 18, 2015 04:11:11 AM $GE $TBT $DGAZ $TAN http://t.co/GsOiz4Yqoq
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18 Apr 15 01:30:00
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18 Apr 15 01:04:16
$FXE Financials Updated Saturday, April 18, 2015 03:59:22 AM $TAN $UNH $NVAX $UUP http://t.co/F6idRiVt5Y
PolgarStocks
18 Apr 15 01:04:12
$WMT Reviews Updated Saturday, April 18, 2015 03:07:15 AM $VXX $GFI $TAN $PMCB http://t.co/NszzWxJ9Jk
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18 Apr 15 00:03:11
$TAN Financials Updated Saturday, April 18, 2015 01:59:20 AM $CSCO $MRK $SLW $XRT http://t.co/lPHrUC33q8
PolgarStocks
18 Apr 15 00:03:08
$NHPI Investor Opinions Updated Saturday, April 18, 2015 02:07:15 AM $AAPL $CYBR $TAN $FNMA http://t.co/1ZUfKnAth6
PolgarStocks
17 Apr 15 22:01:15
$NHPI Company Info Updated Friday, April 17, 2015 12:07:18 PM $RSX $TAN $DIS $JCP http://t.co/7H2jw9fSSa
Langan Stocks
17 Apr 15 21:00:10
$IGRW Stock Message Board Updated Friday, April 17, 2015 11:03:17 PM $T $NFLX $GERN $TAN http://t.co/tBGIIa6v6U
PolgarStocks
17 Apr 15 21:00:10
$TAN Last Price Updated Friday, April 17, 2015 11:07:15 PM $LUV $BX $GDXJ $XLE http://t.co/nR1Hgcd4pY
James DiPlata
17 Apr 15 20:03:45
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IH News Desk
17 Apr 15 19:36:11
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17 Apr 15 17:57:12
$TEO Stock Forum Updated Friday, April 17, 2015 8:07:20 PM $PPCH $TAN $XLB $RUSS http://t.co/6sD2gtoSJW
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17 Apr 15 16:57:36
$DUST Recent News Updated Friday, April 17, 2015 6:59:25 PM $VNQ $AAPL $SNE $TAN http://t.co/Qphlli3E1g
PolgarStocks
17 Apr 15 16:56:07
$GM Last Price Updated Friday, April 17, 2015 7:07:19 PM $CNET $MU $TAN $NUGT http://t.co/UGRKvEGTZn
#1 LOUI$ $TAN
17 Apr 15 16:50:10
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IH News Desk
17 Apr 15 16:34:42
$CYBR Last Price Updated Friday, April 17, 2015 7:11:17 PM $ILF $TAN $DIA $VZ http://t.co/EwW1nuYsZr
Envestor First
17 Apr 15 14:25:01
"@WallStreetSectorSelector Merger of NextEra Energy and Hawaiin Electric Industries $TAN, $XLE http://t.co/UJonAPKSc7"
				
				
By  +Follow March 28, 2014 11:46AM
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