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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
Liger Zero
27 Dec 14 10:50:59
Listen to 1st Key [Prod.By Thovo Beats] by $tan-Li #np on #SoundCloud https://t.co/o0sNN726vR
ProVesting
27 Dec 14 04:18:03
$TAN: The Surprising Connection Between Solar Stocks and Crude Oil Price http://t.co/G56YB4tK0w http://t.co/sMufZht9QA
Birthday bean
26 Dec 14 22:03:44
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#G14NG✨
26 Dec 14 22:02:52
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PolgarStocks
26 Dec 14 15:59:36
$BAC Reviews Updated Friday, December 26, 2014 6:06:36 PM $XLV $GG $TAN $BAC http://t.co/0N3kVDWwaS
sarah
26 Dec 14 15:06:34
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Erlend Opdahl
26 Dec 14 15:03:04
Hm.. $XLE and $TAN gettin detached? Investors realizing that lower oil price means little to solar revenues? Look q4-q2 for confirmation.
IH News Desk
26 Dec 14 10:15:07
$XLP Financials Updated Friday, December 26, 2014 1:10:23 PM $FAM $ILNS $TAN $HYG http://t.co/5OSxLFYZru
Rosner Stocks
26 Dec 14 08:53:15
$VTI Opinions Updated Friday, December 26, 2014 10:59:27 AM $INTC $XLB $TAN $T http://t.co/TEfFs88rQc
Rosner Stocks
26 Dec 14 08:53:08
$FBT Investor Opinions Updated Friday, December 26, 2014 10:59:27 AM $DIS $EVGN $FXA $TAN http://t.co/SDvT8rKbMu
Langan Stocks
26 Dec 14 07:48:12
$TAN Short Sales Updated Friday, December 26, 2014 10:03:06 AM $XLU $CTIX $FXI $PZOO http://t.co/BWo57dnCeo
Tech Alerts
26 Dec 14 05:00:03
Vivint Solar: Does The Drop Make Sense? http://t.co/zofcFSwrZg $SCTY $TAN $VSLR
Rosner Stocks
26 Dec 14 04:48:40
$EBAY Opinions Updated Friday, December 26, 2014 06:59:27 AM $IBB $ECL $MRK $TAN http://t.co/moTTTHFkqy
IH News Desk
26 Dec 14 03:05:35
$EOG Financials Updated Friday, December 26, 2014 05:10:34 AM $FCX $XLU $EWG $TAN http://t.co/ztW9NN3CKs
Langan Stocks
26 Dec 14 02:44:18
$GPRO Investor Opinions Updated Friday, December 26, 2014 05:03:05 AM $ALK $GOOG $LRN $TAN http://t.co/MrXalOqN4D
Langan Stocks
26 Dec 14 01:44:28
$RCGP Opinions Updated Friday, December 26, 2014 04:03:06 AM $TAN $XLY $XLE $ABX http://t.co/cXhF38OjwC
Langan Stocks
26 Dec 14 00:42:36
$TAN Reviews Updated Friday, December 26, 2014 03:03:06 AM $FBT $XME $EMC $FXA http://t.co/Vr3Q9SRIWS
PolgarStocks
25 Dec 14 23:44:21
$MMRF Investor Opinions Updated Friday, December 26, 2014 02:06:43 AM $TAN $FEYE $AYT $GS http://t.co/clOsDRPHzo
IH News Desk
25 Dec 14 23:00:39
$TQQQ Financials Updated Friday, December 26, 2014 01:10:23 AM $UCO $XLB $TAN $IYR http://t.co/PYKCh054qm
Rosner Stocks
25 Dec 14 22:42:40
$SCTY News Updated Friday, December 26, 2014 00:59:27 AM $FB $XLU $SCO $TAN http://t.co/UJME4wreup
PolgarStocks
25 Dec 14 22:42:36
$DGAZ Stock Message Board Updated Friday, December 26, 2014 01:06:45 AM $EWT $TAN $ECIG $PBR http://t.co/pni87nalwb
IH News Desk
25 Dec 14 21:59:10
$IYR Last Price Updated Friday, December 26, 2014 00:10:38 AM $FEYE $GOLD $EWG $TAN http://t.co/C2oQXorl6G
Langan Stocks
25 Dec 14 19:39:39
$TAN Investor Opinions Updated Thursday, December 25, 2014 10:03:06 PM $BAC $TQQQ $FBT $SCTY http://t.co/wakXQ1jsRj
Langan Stocks
25 Dec 14 19:39:37
$SLV Stock Forum Updated Thursday, December 25, 2014 10:03:06 PM $FAM $TAN $HMY $TSLA http://t.co/cS2pr71OR3
PolgarStocks
25 Dec 14 18:40:09
$ERBB News Updated Thursday, December 25, 2014 9:06:42 PM $JNJ $SANM $INTC $TAN http://t.co/zeNNGcGP4y
Rosner Stocks
25 Dec 14 17:38:10
$UCO Recent News Updated Thursday, December 25, 2014 7:59:27 PM $FAM $MMM $TAN $PEB http://t.co/nSRtiowgvT
Langan Stocks
25 Dec 14 17:38:10
$TAN News Updated Thursday, December 25, 2014 8:03:06 PM $SANM $XLK $ABT $FXA http://t.co/iqL25b58ES
Rosner Stocks
25 Dec 14 16:37:09
$TAN Short Sales Updated Thursday, December 25, 2014 6:59:27 PM $TZA $GS $CTIX $SANM http://t.co/Hp0RVUN2KA
Large Void Bot
25 Dec 14 16:00:28
Popular: $TAN, $NTES, $XBI, $AEP, $CAR, $THRM, $XEL, $ENPH, $WIN, $SSNI, $ALLY, $PCG, $EXC, $HON, $PAAS, $WUBA, $IWC, $SPR, $HLT, $BAX, $CUB
Jason Olive
25 Dec 14 04:16:28
RT @SeekingAlpha: Vivint Solar: Does The Drop Make Sense? http://t.co/xfaeK8tGB7 $SCTY $TAN $VSLR
John Michael
25 Dec 14 04:12:40
RT @SeekingAlpha: Vivint Solar: Does The Drop Make Sense? http://t.co/xfaeK8tGB7 $SCTY $TAN $VSLR
Alysia Sarkisian
25 Dec 14 04:11:27
RT @SeekingAlpha: Vivint Solar: Does The Drop Make Sense? http://t.co/xfaeK8tGB7 $SCTY $TAN $VSLR
Seeking Alpha
25 Dec 14 04:06:35
Vivint Solar: Does The Drop Make Sense? http://t.co/xfaeK8tGB7 $SCTY $TAN $VSLR
Maurice's almost bae
24 Dec 14 21:31:03
RT @Cathagadon: $tâñ iz my favorite
Maurice :(
24 Dec 14 21:30:25
$tâñ iz my favorite
US Banking News
24 Dec 14 15:33:16
Guggenheim Solar ETF $TAN Declares Annual Dividend of $0.64 http://t.co/Hp7RWimxql
Sleek Money
24 Dec 14 15:26:19
Guggenheim Solar ETF $TAN Declares Annual Dividend of $0.64 http://t.co/3DuBguMYWm
ProVesting
24 Dec 14 15:20:03
$TAN: Guggenheim Solar ETF (TAN) Declares Annual Dividend of $0.64 http://t.co/dBSU0TULbk http://t.co/q2G2QvheeF
US Banking News
24 Dec 14 14:35:14
Guggenheim Solar ETF announces annual dividend of $0.64. Payable on 12/31/2014. 1.88% Yield. http://t.co/GQzCYYhUmw $TAN #TAN
Liger Zero
24 Dec 14 11:34:43
Listen to Legacy X [Prod.By October Samuel] by $tan-Li #np on #SoundCloud https://t.co/Ecl4PtiS7G
uhda ;9
24 Dec 14 10:46:35
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Large Void Bot
24 Dec 14 10:00:19
Popular: $KNDI, $UGAZ, $CONN, $RAD, $TAN, $ICAD, $REXX, $SGEN, $RMTI
Sicarius
24 Dec 14 09:03:06
$TAN looks like a buy for next year?....♥♥ http://t.co/Sayqyu4wXn
brudda-angel
24 Dec 14 05:18:13
@queeenleez $tan
Hector
24 Dec 14 02:00:26
RT @marketminute: Impressive out performance of 3 sectors been writing about $KRE $XLE $TAN Looking 4 basing and follow thru
Edward
23 Dec 14 19:49:48
RT @marketminute: Impressive out performance of 3 sectors been writing about $KRE $XLE $TAN Looking 4 basing and follow thru
Joel Anderson
23 Dec 14 16:00:06
7 of the Worst Investments you Could Have Made in 2014 $ANR $CONN $VIP $wmt $TAN http://t.co/r62diTJbrG
Michele Schneider
23 Dec 14 12:50:37
Impressive out performance of 3 sectors been writing about $KRE $XLE $TAN Looking 4 basing and follow thru
sarah
23 Dec 14 12:01:30
RT @musicfourcars: “@allurehes: #1 $teff $tan”SEES THIS SO FAST *Cries
steff
23 Dec 14 12:01:22
“@allurehes: #1 $teff $tan”SEES THIS SO FAST *Cries
				
				
By  +Follow March 28, 2014 11:46AM
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