2 Solars That Will Burn Your Eyes – CSIQ, CSUN
I have been on the hot pursuit for some great solar stocks. Remember how hot they were just a couple months back? With the economy in the dumps, many companies are putting the green movement on the back-burner.
Thankfully, I found 2 solid solar companies that are both itching to make big moves.
Canadian Solar Inc. (CSIQ)
You could call it a cup and handle, but, regardless, the current move is already well on its way. With a current price target of around $22 and the RSI heading into oversold area, I would wait for a pullback (possibly back to the new support). If you are man enough, then you can take on the stock now and try to squeeze out a couple points.
Overall volume was strong on the break of resistance, so I have faith these new levels should hold.
China Sunergy (CSUN)
Fortunately, we are lucky to not have missed the big move on this stock yet. While there are many things going on, I like the imminent cup and handle breakout. If we can break $5.75 – $5.80, then look for a reasonable price target of $7.
Zooming out a little further we see that a break of the top line correlates with a massive wedge as well, which shows us an even bigger move towards $13. To round this all together, WATCH THIS STOCK.
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CSIQ is TANKING… what are our thoughts, given your enthusiasm last week?
Well my thoughts said “I would wait for a pullback,” which is what we are seeing now, so I feel still good about this trade, especially since volume on this pullback has stayed low so far. As long CSIQ stays above $16, the pullback play is still a possibility.
Well one right and one wrong. CSIQ tanked while CSUN is up 17% in the last 2 days…. Long term fundamentally I think both of these companies will be good shorts.