Early April I posted an article about 3 stocks I was bearish and had opened short positions. FSLR, Boeing and AAPL. Price is above the levels when my initial post was published. Boeing moved towards 125$ but bounces since then after testing short-term support. FSLR had the biggest percentage decline among the three selected stocks while AAPL as expected got rejected at the important trend line resistance. I remain bearish all three stocks.
Price has found support at the Daily Kumo (cloud) support and bounces. I will add to my short position if we break below 125$ while I will cover if we make new highs above 137$.
The weekly chart shows the rejection at the weekly Kumo (cloud) but the sell off was not as big as I initially anticipated. Price is now re-testing weekly Kumo resistance.
Price remains below the important trend line resistance while we have also seen bearish divergence signs by the stochastic oscillator on the daily chart.
Critical support is found at 106-104$ zone. If this level is breached we should expect to see a test of the 100$ level. I remain bearish.
First Solar (FSLR)
Price has broken below the short-term upward sloping channel near 66$ where it confirmed my bearish reversal that I’ve been warning about due to the bearish divergence signals around 72$
FSLR remains in a strong bearish trend and has much more room to fall at least towards 45$.
Thank you for taking the time to read my new post.