First Solar Stock Hits $240 in 2025 After 15% Surge Post-Presidential Debate
Explore the key price levels for First Solar's stock following a significant 15% rally fueled by clean energy optimism after the 2025 presidential debate. Learn what technical indicators investors should watch next.
Highlights
- First Solar (FSLR) surged 15% on Wednesday, spearheading a rally in clean energy stocks amid investor enthusiasm following the 2024 presidential debate between Kamala Harris and Donald Trump.
- The breakout occurred from a saucer pattern neckline with the highest trading volume since June, closing above the critical 50-day moving average, signaling strong buying momentum.
- Key resistance levels to watch are $235, $265, and $300, while support is expected near $215 during potential pullbacks.
First Solar's shares rallied sharply, reflecting renewed investor confidence in solar energy after the debate, where Trump highlighted his support for solar and Harris backed the Biden Administration's Inflation Reduction Act, which promotes clean energy tax incentives.
Despite sideways trading over the past 18 months due to higher interest rates affecting solar project financing, the recent surge suggests a potential turnaround.
Saucer Pattern Neckline Acts as Support
The stock broke out from a saucer pattern in late May with strong volume but then retraced up to 36%, stabilizing at the neckline, which has now become a solid support zone.
Wednesday's price jump closed at $239.84, above the 50-day moving average, confirming bullish conviction.
Crucial Overhead Price Levels
Investors should monitor the $235 level closely, as it represents a trendline resistance from July to August consolidation. A firm breakout above this could drive the price toward $265, a resistance point seen in June.
Further upward momentum may target the 2024 high near $300, aligning with the measured move projection based on the saucer pattern.
Support to Watch on Retracements
If the stock pulls back, $215 is a critical support level, marking the saucer neckline which has shifted from resistance to support.
Disclaimer: This information is for educational purposes only and does not constitute investment advice.
The author does not hold any positions in First Solar at the time of writing.
Discover the latest news and current events in Markets News as of 17-09-2024. The article titled " First Solar Stock Hits $240 in 2025 After 15% Surge Post-Presidential Debate " provides you with the most relevant and reliable information in the Markets News field. Each news piece is thoroughly analyzed to deliver valuable insights to our readers.
The information in " First Solar Stock Hits $240 in 2025 After 15% Surge Post-Presidential Debate " helps you make better-informed decisions within the Markets News category. Our news articles are continuously updated and adhere to journalistic standards.