SunPower Corporation designs, manufactures, and delivers solar
systems to residential, commercial, and utility customers. It operates
in three segments: the Americas, the EMEA, and the APAC. The company
offers solar power products, including panels, balance of system
components, and inverters. It also designs, manufactures, and sells
high-performance rooftop and ground-mounted solar power systems, as well
as utility-scale photovoltaic power plants. In addition, the company
offers operations and maintenance services, including remote monitoring,
preventative, and corrective maintenance services, as well as
rapid-response outage restoration and inverter repair services. Further,
it leases solar power systems to residential customers. The company
serves investors, financial institutions, project developers, electric
utilities, independent power producers, commercial and governmental
entities, production homebuilders, residential owners, and small
commercial building owners.
Please take a look at the 1-year chart of SPWR (SunPower, Inc.) below with my added notations:
SPWR has been trading sideways for the last 6 months, trading between
the $28 and $35 area. In addition, the stock had held an important
level of support at $28 (blue) during that entire period of time. That
level had also been a prior 52-week high resistance. Last week SPWR
finally broke that support and should be moving overall lower from here.
The Tale of the Tape: SPWR had a key level of
support at $28. Now that the stock has broken support, a trader might
want to enter a short trade at or near the $28 level with a stop placed
above that level. A break back above $28 could negate the forecast for a
move lower.
Please share this article
No comments:
Post a Comment