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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
W /nadeem husain
25 Oct 14 09:25:02
Follow @pagl _dil $kady na kady$ $tan sadi yad$ $ayo gi$
Paul Antompietri
25 Oct 14 08:19:23
Utility solar output. Rooftop is growing at least as fast. $TAN is THE buy & hold ETF, regardless of volatility. http://t.co/3akGxwLuCr
Ye Kane
24 Oct 14 23:49:46
I liked a @YouTube video from @eaglefilms1 http://t.co/EmCzSStDJu $tan G - Lie To You I Shot By @Eaglefilms1
Ye Kane
24 Oct 14 23:41:03
I liked a @YouTube video from @eaglefilms1 http://t.co/G1zJuVFzun $tan G - Rollin | Shot By EagleFilms1
Dan Nathan
24 Oct 14 18:59:49
ICYMI: Name That Trade - $TAN: Solar Eclipsed? http://t.co/zEk1PNMJxH @EnisTaner
Jegan Master
24 Oct 14 17:42:28
Legacy X [Prod.By October Samuel] by $tan-Li on #SoundCloud https://t.co/9hKKets9m1
Silly Rin PeasVcocyx
24 Oct 14 12:06:37
'i' always 4get my OTC meds @ ClaiRessah explain/s no Value Curse $tan jack-Jill @russellBRAND esq my priVledge...
Mark Mansfield
24 Oct 14 12:01:41
RT @ETFSwingTrader: Final (public) Trade. Holding shorts in $VT $TAN. $TAN moving in the right direction today.
Jack Loftis
24 Oct 14 12:01:04
Final (public) Trade. Holding shorts in $VT $TAN. $TAN moving in the right direction today.
Anacott Steel
24 Oct 14 10:47:42
We'll be looking at Solar City and other solars very closely this weekend for trades given soft action and relative calm in oil. $SCTY $TAN
W /nadeem husain
24 Oct 14 09:47:50
Follow @onlan masti $kady na kady$ $tan sadi yad$ $ayo gi$
W /nadeem husain
24 Oct 14 09:42:01
Follow @witter _king $kady na kady$ $tan sadi yad$ $ayo gi$
Dan Nathan
24 Oct 14 08:59:46
Name That Trade - $TAN: Solar Eclipsed? http://t.co/zEk1PNMJxH @EnisTaner
W /nadeem husain
23 Oct 14 22:17:24
Follow @Aansu_or_shairi $kady na kady$ $tan sadi yad$ $ayo gi$
W /nadeem husain
23 Oct 14 18:46:51
Follow @Saira khan $kady na kady$ $tan sadi yad$ $ayo gi$
Jegan Master
23 Oct 14 14:39:42
Legacy X [Prod.By October Samuel] by $tan-Li on #SoundCloud https://t.co/F7E1L5d11j
Mark Mansfield
23 Oct 14 13:17:25
RT @ETFSwingTrader: Final (public) Trade. Holding $TAN $VT short positions.
βrielle ⛵️
23 Oct 14 13:13:35
This will forever be my favorite.. $tan G - Lie To You I Shot By @Eaglefilms1: http://t.co/ah9h0sDCpg via @YouTube
Jack Loftis
23 Oct 14 12:46:12
Final (public) Trade. Holding $TAN $VT short positions.
G0BB4H
23 Oct 14 09:49:18
RT @SeekingAlpha: Kinder Morgan Is Prepared To Control The Oil Industry For Its Own Good http://t.co/cgu5got5te $MDU $OIH $TAN $USO $KMI
Caryn Eaton
23 Oct 14 09:00:17
RT @SeekingAlpha: Kinder Morgan Is Prepared To Control The Oil Industry For Its Own Good http://t.co/cgu5got5te $MDU $OIH $TAN $USO $KMI
Seeking Alpha
23 Oct 14 08:55:28
Kinder Morgan Is Prepared To Control The Oil Industry For Its Own Good http://t.co/cgu5got5te $MDU $OIH $TAN $USO $KMI
Coog
23 Oct 14 08:47:26
@Wu_Tang_Finance $WU $TAN $G
Gregory Bent
23 Oct 14 08:39:59
Chinese solar-panel makers race to fill orders http://t.co/BXJQbX6u7A $TAN $FSLR $SCTY $SPWR
Jegan Master
22 Oct 14 20:00:42
Legacy X [Prod.By October Samuel] by $tan-Li on #SoundCloud https://t.co/9hKKets9m1
#Bandz
22 Oct 14 17:33:48
#VIDEO $tan G - Hot Nigga Remix | Shot By @Eaglefilms1: http://t.co/70amFQfgGd via @YouTube
6GOD.
22 Oct 14 14:03:38
RT @fentyeah: $tan https://t.co/FdfrruOZyL
Mark Mansfield
22 Oct 14 13:09:25
RT @Lach1435: $SPY Selling $UWM and $TAN. Buying: $SDS, $TWM, $QID, $BIS and maybe $SOXS
ARIANA I'M HERE :(
22 Oct 14 12:46:48
RT @fentyeah: $tan https://t.co/FdfrruOZyL
aiko
22 Oct 14 12:39:12
RT @fentyeah: $tan https://t.co/FdfrruOZyL
clara
22 Oct 14 12:34:32
RT @fentyeah: $tan https://t.co/FdfrruOZyL
rih
22 Oct 14 12:33:22
RT @fentyeah: $tan https://t.co/FdfrruOZyL
Robyn Rih Fenty
22 Oct 14 12:29:44
RT @fentyeah: $tan https://t.co/FdfrruOZyL
R8
22 Oct 14 12:27:39
RT @fentyeah: $tan https://t.co/FdfrruOZyL
Léna
22 Oct 14 12:27:08
$tan https://t.co/FdfrruOZyL
Jack Loftis
22 Oct 14 12:08:06
Final (public) Trade. Holding $TAN $VT short sells. Both moving right direction today. #ETF
#Bandz
22 Oct 14 11:59:44
#StartYoDayWithThis ‘$TAN G - Try Me(REMIX)’ by $TAN G on #SoundCloud? https://t.co/CCAYC8qhgm
Mark Mansfield
22 Oct 14 10:21:05
RT @ETFSwingTrader: All working today, my inverse trades against $IWM $XSD $XLE $TAN $VT -- though not out of the woods yet. #ETFSwingTrader
Jack Loftis
22 Oct 14 10:20:07
All working today, my inverse trades against $IWM $XSD $XLE $TAN $VT -- though not out of the woods yet. #ETFSwingTrader
Lach 14
22 Oct 14 09:40:12
$SPY Selling $UWM and $TAN. Buying: $SDS, $TWM, $QID, $BIS and maybe $SOXS
Myles Palmer
22 Oct 14 05:59:25
@arsenal_jon Sorry, Jon, not in touch with them. ANR gave AST publicity when they wanted that. Saw boring $tan, stopped AGMing promptly.
Silly Rin PeasVcocyx
21 Oct 14 21:28:25
resucitate$ $tan Read: http://t.co/ODo9PkEZHG
#Bandz
21 Oct 14 18:52:44
On YouTube Search: $TAN G 👌 #KeepItG The Mixtape drop 12/25 💯💯💯 http://t.co/cEEbFoIVOD
Ben Silverberg
21 Oct 14 18:04:36
Leading market sectors higher Tuesday included: $OIH $SOXX $XOP $IBB $IYT $XLE $TAN $XLV $QQQ $XLI $XLB
it no-reen !!
21 Oct 14 17:25:27
Je$$e type$ like thi$ and i have to put up with it $tan problem$
Jegan Master
21 Oct 14 16:24:41
Legacy X [Prod.By October Samuel] by $tan-Li on #SoundCloud https://t.co/9hKKets9m1
#Bandz
21 Oct 14 14:41:16
#NEW: Try Me(REMIX)’ by $TAN G on #SoundCloud https://t.co/CCAYC8qhgm
$$$ Money $$$
21 Oct 14 11:36:34
$TAN $SCTY $SUNE $CSIQ solar is back & hot hot hot today
Mark Mansfield
21 Oct 14 11:25:47
RT @ETFSwingTrader: Final (public) Trade. Adding 5% $TAN short (for full 10% position) and 3% $VT short (for 5% or 1/2 position). #ETF
Jack Loftis
21 Oct 14 11:25:26
Final (public) Trade. Adding 5% $TAN short (for full 10% position) and 3% $VT short (for 5% or 1/2 position). #ETF
				
				
By  +Follow March 28, 2014 11:46AM
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