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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
Jeff Reznik
19 Aug 14 20:34:15
"@Vetr: Solar ETFs: Demand Outpacing Supply for First Time Since 2006 $KWT $TAN $SPWR $YGE http://t.co/HwjdqnWHAt"
The American
19 Aug 14 17:03:59
$SOLAR $BOOM Driving First Global Panel Shortage Since 2006 http://t.co/sgowNEO3xb via @BloombergNews $QCLN $KWT $TAN $GRID $GEX $FAN $PWND
ETF Trends
19 Aug 14 16:40:16
#Solar ETFs: Demand Outpacing Supply for First Time Since 2006 http://t.co/cft3znY3OW #ETF #cleanenergy #alternativeenergy $TAN $KWT $YGE
Ben Silverberg
19 Aug 14 16:37:46
Leading market sectors higher Tuesday included: $DIA $SPY $IWM $QQQ $ITB $XRT $XLY $XLU $XLB $XLV $TAN $RSX $UNG
Tom Lydon
19 Aug 14 16:35:13
#Solar ETFs: Demand Outpacing Supply for First Time Since 2006 http://t.co/u4VUu78KR3 #ETF #cleanenergy #alternativeenergy $TAN $KWT $YGE
BABY IM $TAN G
19 Aug 14 15:53:30
$tan G - Rollin !!!!!!!!!!!!!!! http://t.co/phZ52wITGh via @YouTube
BNK Invest
19 Aug 14 15:40:29
JA Solar Holdings Breaks Above 200-Day Moving Average - Bullish for $JASO $TAN #stocks http://t.co/yZdLSdE6AT
✨M&M✨
19 Aug 14 13:52:11
@rxbyfenty $tan
Alan Battles
19 Aug 14 13:01:10
$TAN breaking out of triangle on a little less than desirable volume. http://t.co/yHEs5Rz89n
Craig Garbers
19 Aug 14 12:26:26
RT @ETFtrends: The Return of $AAPL #ETFs, Solar Shines, $HD Builds Up Some #ETFs, Europe Dividends $FEZ $XLK$IYW $QQQ $TAN $RTH $PKB http:/…
Michael Samhan
19 Aug 14 12:22:09
$TAN solars in a good position for upside - holding positive all year building nice base chart notes http://t.co/k2xjcFsTzt
ETF Trends
19 Aug 14 12:21:33
The Return of $AAPL #ETFs, Solar Shines, $HD Builds Up Some #ETFs, Europe Dividends $FEZ $XLK$IYW $QQQ $TAN $RTH $PKB http://t.co/zrn90axHy8
BABY IM $TAN G
19 Aug 14 12:18:29
NEW VIDEO!! $tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh
Bidness Etc
19 Aug 14 10:02:21
Solar boom results in shortage of panels http://t.co/KigNiMOjzI $TAN $YGE $SPWR $CSIQ $SPY $NDX
Jeff Reznik
19 Aug 14 08:21:32
$TAN Roth Capital: Probability of Solar Trade Settlement w/China Increased http://t.co/dWBJ59O2LL #solar $YGE $TSL $JASO $KWT
Arnau GM
19 Aug 14 07:24:14
Chinese solar stocks rally; Roth more optimistic about settlement $YGE $TSL $JASO $SOL $CSUN $HSOL $TAN $KWT http://t.co/3RWBaagVK2
Anthony Mazzucco
19 Aug 14 07:09:55
Lightened my load again this week. About 50% in cash. Waiting to get back in on $TAN, $AIG, and some ETFs. Short $P
BABY IM $TAN G
19 Aug 14 06:56:27
#GoodMorning 🎥$tan G - Rollin | http://t.co/phZ52wITGh
Market Int Center
19 Aug 14 05:13:57
Potential Guggenheim Solar ETF $TAN Trade Has 6.41% Downside Protection ( http://t.co/h4JYPDkQEi )
AlphaNotBeta
19 Aug 14 02:56:01
$TAN Solar Boom Driving First Global Panel Shortage Since 2006. http://t.co/PBdfeaHkTo
chartguy89
18 Aug 14 23:44:17
TAN 0.07 Stock Charts $TAN Tanager Energy Inc. (CVE) Last Updated: 08/19/2014 01:44:17 TAN Stock Chart - 1 Mon http://t.co/CNG0UOP96i
Caleb Corbett
18 Aug 14 23:26:34
@omniSUEDE lol I know talent when I hear it .. $tan Woody
Caleb Corbett
18 Aug 14 23:21:30
@omniSUEDE I knew you would fuck with it. $tan the Don
FOREX Insight
18 Aug 14 22:55:06
RT @SeekingAlpha: Sun Rising Or Setting On The Solar ETF? http://t.co/Ol4trjCECD $TAN
Evener Investment
18 Aug 14 22:52:40
RT @SeekingAlpha: Sun Rising Or Setting On The Solar ETF? http://t.co/Ol4trjCECD $TAN
Seeking Alpha
18 Aug 14 22:51:02
Sun Rising Or Setting On The Solar ETF? http://t.co/Ol4trjCECD $TAN
d'autrial
18 Aug 14 20:17:56
$tan G - Rollin | Shot By EagleFilms1 http://t.co/RBWUoOq2dJ via @youtube
Lin/林莹君
18 Aug 14 19:27:10
"@LinvestResearch: $RGSE quick glance, #RSI, #trend. #Perspective $TAN $SCTY $FSLR #MKT http://t.co/vlurOAWZIr"
Jaguar Stocks
18 Aug 14 18:31:39
$TAN looks extended, encountering resistance at 43, looking for PB to 42/high 41s.
BABY IM $TAN G
18 Aug 14 16:13:37
WHO WATCHED THIS??? $tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh
BABY IM $TAN G
18 Aug 14 12:58:05
Love Watching Myself On Tv📺😊 #Chilling #LookMeUp on YouTube : $tan G http://t.co/m0mqrthNoc
Matt Peterson
18 Aug 14 12:52:36
$XHB $IYT $XRT $TAN $IWM $XLF leading the move upward, can you ask for better? $SPY
Market Int Center
18 Aug 14 12:38:40
Guggenheim Solar ETF $TAN Showing Bullish Technicals ( http://t.co/dFELEa46lo )
Briefing Trader
18 Aug 14 10:53:40
Home-builders $ITB $XHB, Steel $SLX, Retailers $XRT, Banks $KRE $KBE, Miners $XME, & Solar $TAN top-performing sector #ETFs vs. $SPY
BABY IM $TAN G
18 Aug 14 08:26:18
RT @ShonnyNicole: I liked a @YouTube video from @eaglefilms1 http://t.co/9jUR2aIOwB $tan G - Rollin | Shot By EagleFilms1
IG | EagleFilms1
18 Aug 14 08:23:54
RT @StanG100: $tan G - Hot Nigga Remix | Shot By @Eaglefilms1: http://t.co/KmwqOBRkgA via @YouTube
AlphaNotBeta
18 Aug 14 06:52:47
$TAN solar goes up when oil goes up AND down...go figure, secular trend.
BABY IM $TAN G
18 Aug 14 06:33:14
$tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh via @YouTube
BABY IM $TAN G
18 Aug 14 06:32:52
$tan G - Hot Nigga Remix | Shot By @Eaglefilms1: http://t.co/KmwqOBRkgA via @YouTube
chartguy89
17 Aug 14 23:39:20
TAN 0.07 Stock Charts $TAN Tanager Energy Inc. (CVE) Last Updated: 08/18/2014 01:39:21 TAN Stock Chart - 1 Mon http://t.co/yRBVvKoEkR
BABY IM $TAN G
17 Aug 14 21:28:14
$tan G - Rollin 😈😈😩🔥 I keep watching it http://t.co/phZ52wITGh
BABY IM $TAN G
17 Aug 14 19:59:17
$tan G - Rollin | TL #GoWatch http://t.co/phZ52wITGh
IG | EagleFilms1
17 Aug 14 19:01:05
RT @ShonnyNicole: I liked a @YouTube video from @eaglefilms1 http://t.co/9jUR2aIOwB $tan G - Rollin | Shot By EagleFilms1
BABY IM $TAN G
17 Aug 14 18:15:41
$tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh via @YouTube
BABY IM $TAN G
17 Aug 14 17:39:37
TL I Need Yall To Fuck Wit Me On THIS $tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh
BABY IM $TAN G
17 Aug 14 17:35:27
WE WENT #CRAZYYYYYY $tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh via @YouTube
BABY IM $TAN G
17 Aug 14 17:35:10
$tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh via @YouTube
BABY IM $TAN G
17 Aug 14 17:29:50
FINALLY HERE GO THE VIDEO ;) $tan G - Rollin | Shot By EagleFilms1: http://t.co/phZ52wITGh via @YouTube
The Rap Goddess
17 Aug 14 17:29:21
I liked a @YouTube video from @eaglefilms1 http://t.co/9jUR2aIOwB $tan G - Rollin | Shot By EagleFilms1
IG | EagleFilms1
17 Aug 14 17:25:15
I liked a @YouTube video from @eaglefilms1 http://t.co/oZtFNKgG9W $tan G - Rollin | Shot By EagleFilms1
				
				
By  +Follow March 28, 2014 11:46AM
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