Two solar companies have rallied on no particular news and appear ready for strong runs, reports Harry Boxer.
Solar stocks rallied Tuesday amid instability over Mid-East oil, with two of them among our top charts to watch.
First Solar, Inc. (FSLR) jumped $2.38 to $65.82 on 1.5 million shares, or 1.5x its average volume. The move, on no news, broke the stock out of a six-week base pattern. Watch for a move next to retest the recent highs at $69-$70.
SunPower Corporation (SPWR) popped $1.56, or 12%, to $14.50 on 7.5 million shares, more than 2.5x its average volume. The stock, which has been stair-stepping higher all year from below the $5 level, had been pulling back in a month-long pennant pattern prior to Tuesday's breakout. The mid-channel target is $16.
Among other charts to watch, Health Insurance Innovations, Inc. (HIIQ) also had a strong day Tuesday, up $1.14, or 5%, to $20.91 on 876,800 shares, 1.5x its average volume. The move, which came on no news from the distributor of individual and family health insurance plans, broke the stock above lateral resistance from the recent double-top and above the 50-day moving average. Watch for $25 next.
Snap Inc. (SNAP) surged $1.07, or 6.7%, to $16.83 on 40 million shares Tuesday, more than double its average volume, after a Susquehanna analyst upgraded the stock to neutral from negative. The stock broke through its declining tops line and lateral price resistance. If it can get through the August high near $17.20, it should test the July high near $18.50 next.
See Harry's video chart analysis on these stocks.
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Harry Boxer is founder of TheTechTrader.com, a live trading room featuring his stock picks, technical market analysis, and live chart presentations.
