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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
I sarang Bom unnie
4 Sep 15 13:27:53
@DiGraddy hahahahaha I luv our conversations...kkkkk ^___^ 21's $tan talking bout SM....made my day...kkkkkkkkk
Seeking Alpha
4 Sep 15 13:17:28
How Friday's Jobs Report Affects Your Dividend Stock Portfolio http://t.co/JWmxIGlkvW $DUK $EPD $MLPS $TAN $WMT $XLP
Income Investing SA
4 Sep 15 13:17:28
How Friday's Jobs Report Affects Your Dividend Stock Portfolio http://t.co/hT8uSP9OYd $DUK $EPD $MLPS $TAN $WMT $XLP
Seeking Alpha
4 Sep 15 13:17:27
How Friday's Jobs Report Affects Your Dividend Stock Portfolio http://t.co/MVEofrcL60 $DUK $EPD $MLPS $TAN $WMT $XLP
Market Int Center
4 Sep 15 05:31:21
Guggenheim Solar ETF $TAN Showing Bearish Technicals With Support At $29.11 ( http://t.co/nTSDJohViJ )
kevin
3 Sep 15 19:33:17
$tan daily: http://t.co/Zy0rzWiTC3
Paul W. Mahon
3 Sep 15 18:20:33
RT @RyanDetrick: Summary of first two hours. Good one for $TAN, $UUP, $SLX. Not so good for $VIX and $GLD. #DetrickDailyScorecard http:/…
Jordan Larimore
3 Sep 15 15:19:15
@bweeks42 @jthom1 Serious question: What more could you do, besides having $tan stand at midfield & give the finger, to alienate us?
Valentín Rodríguez
3 Sep 15 14:43:54
$tan es mi nuevo seguidor en Twitter! GRACIAS by Valentin_Rdz
devhin baker.
3 Sep 15 13:10:26
RT @StanGotBandz: 🎶💪🏽👌🏽🔥💯💯Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/y7CDWLDZBw
StockTrader'sAlmanac
3 Sep 15 11:36:39
RT @RyanDetrick: Summary of first two hours. Good one for $TAN, $UUP, $SLX. Not so good for $VIX and $GLD. #DetrickDailyScorecard http:/…
Market Int Center
3 Sep 15 10:47:37
Guggenheim Solar ETF $TAN Showing Resistance Near $29.88 ( http://t.co/HVesWPwzhN )
Venky Srinivasan
3 Sep 15 08:47:48
MT"@RyanDetrick:Summary of 1st 2 hrs.Good one for $TAN,$UUP,$SLX.Not so good for $VIX $GLD. #DetrickDailyScorecard" http://t.co/xOJiHHew8t
Ryan Detrick, CMT
3 Sep 15 08:44:31
Summary of first two hours. Good one for $TAN, $UUP, $SLX. Not so good for $VIX and $GLD. #DetrickDailyScorecard http://t.co/3sVvkRVek1
MoneyTrading
3 Sep 15 00:11:28
http://t.co/i8er1mxLgM Most popular stock trading learning tools $ABX $CY $IBKR $TAN $XLK $UNP $SE
iCantThinkOfNun
2 Sep 15 16:17:18
🎶💪🏽👌🏽🔥💯💯Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/y7CDWLDZBw
Quick Stock Ideas
2 Sep 15 13:58:30
Renewable Energy And Electric Vehicles - It's Not Just About The Environment http://t.co/uIw7uFHy8u $JASO $JKS $TSL $TAN $UNG $USO
Seeking Alpha
2 Sep 15 13:58:30
Renewable Energy And Electric Vehicles - It's Not Just About The Environment http://t.co/7LHgI5ikRf $JASO $JKS $TSL $TAN $UNG $USO
MoneyTrading
2 Sep 15 08:12:36
http://t.co/i8er1mxLgM Most popular stock trading learning tools $ABX $CY $IBKR $TAN $XLK $UNP $SE
the_clay_bird
1 Sep 15 15:39:42
@eric_d_williams @nwagoner @ESPNdirocco man what we could have had if it weren't for Hollywood $tan
iCantThinkOfNun
1 Sep 15 14:52:19
Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/y7CDWLmocW
Market Int Center
1 Sep 15 12:50:32
Guggenheim Solar ETF $TAN Trading Near $30.40 Resistance Level ( http://t.co/U8OUhqtX0i )
Alpha Maven Alerts
1 Sep 15 11:48:02
$TAN active, relative volume: 8.82, 1H, 7:00 PM, #lse
Alpha Maven Alerts
1 Sep 15 11:47:39
$TAN sentiment rise to: 0.67, change: +0.7, sdr: 1.5, 1H, 7:00 PM, #lse
TalkMarkets
31 Aug 15 23:39:03
4 #ETFs That Finished The Wild Week In Green $SMH $TAN $XBI $XES Also $TSM $FSLR $INTC $SPY http://t.co/XBBEKfZp0n
iCantThinkOfNun
31 Aug 15 22:57:13
Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud🔁 https://t.co/y7CDWLDZBw
iCantThinkOfNun
31 Aug 15 21:34:05
Have you heard ‘In Her Voice(i'm listening)’ by $TAN G #np https://t.co/fzogUgX4nR
iCantThinkOfNun
31 Aug 15 21:03:25
RT @Deetathejay: Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/reR2wnlMim
iCantThinkOfNun
31 Aug 15 21:01:58
RT @MvxxJulian: Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/EseTOt72uX
Chicö
31 Aug 15 20:41:16
RT @StanGotBandz: Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/y7CDWLDZBw
iCantThinkOfNun
31 Aug 15 19:43:00
Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/y7CDWLDZBw
TalkMarkets Recap
31 Aug 15 17:39:04
4 #ETFs That Finished The Wild Week In Green $SMH $TAN $XBI $XES Also $TSM $FSLR $INTC $SPY http://t.co/lvrIhFzMiW
Large Void Bot
31 Aug 15 12:00:28
Popular: $CSCO, $AMBA, $OIH, $ISCA, $ALLY, $OLED, $LRCX, $DIG, $NK, $BX, $ADBE, $LNG, $TAN
Sicarius
31 Aug 15 11:39:27
Strange that $TAN is down today....
TalkMarkets
31 Aug 15 11:03:27
4 #ETFs That Finished The Wild Week In Green $SMH $TAN $XBI $XES Also $TSM $FSLR $INTC $SPY http://t.co/XBBEKfZp0n
MoneyTrading
31 Aug 15 09:12:08
http://t.co/i8er1mxLgM Most popular stock trading learning tools $ABX $CY $IBKR $TAN $XLK $UNP $SE
Samir Madani
31 Aug 15 08:13:08
@FinWire A fishy stock. Was shocked at the tlme that the $TAN ETF constituted of 25% Hanergy. That's just plain irresponsible fund-mgmt! Grr
D'Autrial
31 Aug 15 06:11:34
Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/reR2wnlMim
Market Int Center
31 Aug 15 05:33:16
Guggenheim Solar ETF $TAN Showing Bearish Technicals ( http://t.co/WdZABLLWnP )
MoneyTrading
31 Aug 15 04:12:09
http://t.co/i8er1mPmFm Most popular stock trading learning tools $ABX $CY $IBKR $TAN $XLK $UNP $SE
Chicö
30 Aug 15 22:55:43
RT @MvxxJulian: Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/EseTOt72uX
Chubby Jesus
30 Aug 15 22:53:20
Listen to In Her Voice(i'm listening) by $TAN G #np on #SoundCloud https://t.co/EseTOt72uX
Noman Khan
30 Aug 15 19:35:04
Farhnom Report August 30, 2015$USO $DXY #GDP #FOMC $SPX $NDX $EWT $EWM $FXI $TAN $SMH $XLU $XBI http://t.co/6cP8QibrSq…
Stock Forums
30 Aug 15 15:52:42
TAN Guggenheim Solar ETF Dividend http://t.co/W8sBq0ZaEK $TAN $XOM $MDY $CAT #TAN #pennystocks #investTBEV High Performance Beverage…
Stock Forums
30 Aug 15 15:52:42
TAN Guggenheim Solar ETF Dividend http://t.co/17shI90c2O $TAN $XOM $MDY $CAT #TAN #pennystocks #investTBEV High Performance Beverage…
Stock Forums
30 Aug 15 15:52:41
TAN Guggenheim Solar ETF Dividend http://t.co/UTITXgxL3L $TAN $XOM $MDY $CAT #TAN #pennystocks #investTBEV High Performance Beverage…
Stock Forums
30 Aug 15 15:52:40
TAN Guggenheim Solar ETF Dividend http://t.co/1ZVGixSzK9 $TAN $XOM $MDY $CAT #TAN #pennystocks #investTBEV High Performance Beverage…
Emylers
30 Aug 15 15:51:05
XLP Consumer Staples Select Sector SPDR Ask Size http://t.co/uKAzksxvSL $XLP $SLW $ACI $TAN #XLP #investing #stocks
leahanne
30 Aug 15 15:50:15
VXX iPath S&P 500 VIX Short-Term Futures ETN Open http://t.co/ZHzKGQpZ5n $VXX $TAN $EFOI $SPXL #VXX #stock #stockmarket
PolgarStocks
30 Aug 15 15:48:06
TZA Direxion Daily Small Cap Bear 3x Shares Open http://t.co/oCFzAifDbl $TZA $FV $ERX $TAN #TZA #stockmarket #tradeideas
				
				
By  +Follow March 28, 2014 11:46AM
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