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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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30 Mar 15 17:10:45
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$GDXJ Opinions Updated Monday, March 30, 2015 7:09:06 PM $VXX $ERX $TAN $INTC http://t.co/IHlQJKOVok
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$EFA Company Info Updated Monday, March 30, 2015 5:12:39 PM $MO $NEM $TAN $TSLA http://t.co/ys2voo33z1
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Lach 14
30 Mar 15 13:06:34
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Richard Koza Trading
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$TAN rebounded. 46 is a resistance to watch
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$ASTI Recent News Updated Sunday, March 29, 2015 7:11:00 PM $KR $AKS $TAN $FB http://t.co/33P7WQN3d0
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29 Mar 15 09:18:23
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29 Mar 15 09:18:01
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scrub daddy
28 Mar 15 18:53:25
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Keep It ⛽️™.
28 Mar 15 09:06:06
‘Hang On To It (prod. by DJ Swift )’ by $TAN G on #SoundCloud? #np https://t.co/hbUzVs2NUC
JIGGY NEUTRON
27 Mar 15 23:52:59
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27 Mar 15 13:51:44
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27 Mar 15 12:53:40
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BNK Invest
27 Mar 15 11:54:01
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27 Mar 15 11:44:59
$FSLR or $SCTY, which $TAN you think is best? Read our analysis here http://t.co/huaLsH8iDZ
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27 Mar 15 10:12:36
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26 Mar 15 20:24:49
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Michael Harris
26 Mar 15 14:52:39
Another Failed Golden Cross Signal http://t.co/VIzrcMrmEn $TAN
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26 Mar 15 13:26:39
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Lauren Holmes
26 Mar 15 12:36:23
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Keep It ⛽️™.
26 Mar 15 12:35:03
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Lauren Holmes
26 Mar 15 11:07:39
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Lauren Holmes
26 Mar 15 09:56:18
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Steven Agri
26 Mar 15 06:01:46
$SCTY seems to have a lot of upside coming it's way. Should sell my position in $TAN & put it in $SCTY ?
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26 Mar 15 05:34:34
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26 Mar 15 03:31:07
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26 Mar 15 03:31:06
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26 Mar 15 01:25:10
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Improving my trading
25 Mar 15 23:30:48
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
Thomas Bruni
25 Mar 15 20:41:46
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Michael Sanzo
25 Mar 15 20:14:47
RT @allstarcharts: that failed breakout and bearish RSI Divergence in Solars looks horrible $TAN - also a downward sloping 200-week moving …
VirtualInvestorConf.
25 Mar 15 18:16:39
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
Ramon Pielago
25 Mar 15 18:02:58
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
howardlindzon
25 Mar 15 17:15:56
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
Scott Smith
25 Mar 15 16:40:22
$TAN Support (uptrend) on solar stocks compromised. $TAN $FSLR $SPWR $CSIQ $JKS $TSL $SCTY $SUNE $JASO http://t.co/CltLVr9pCP
streetchatter
25 Mar 15 14:53:35
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
J. Wes
25 Mar 15 14:42:54
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
Barrie Latter
25 Mar 15 14:29:48
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
Stock Market Trends
25 Mar 15 14:27:37
RT @StockTwits: 3 sectors were crushed today. They are: $XBI (Biotech) -5.22% $SOXX (Semis) -4.90% $TAN (Solar) -4.26% -> http://t.co/ju0…
				
				
By  +Follow March 28, 2014 11:46AM
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