Stock Technical Analysis: Is it time to buy SOL?

Written by Taurus on December 21, 2009

This stock technical analysis update on SOL (ReneSola Ltd) is to answer a query from one of our supporter, Matthew. He has been tracking this stock for quite some time, and has recently posted that some of the technical indicators point UP. Let’s take a closer look at this stock.

Stock Technical Analysis: SOL

Stock Technical Analysis: SOL

Prices have been trending downwards, since June 2009, but is trending within 2 trendlines, that form a falling wedge. A falling wedge formation is a bullish pattern and we are looking to go long if prices manage to break upwards out of the wedge with increased volume.

A quick look at the volume shows that it has in fact increased over the last couple of days. It has tested but failed to break above the top trendline on 16th Dec 2009, and seem to be some rejection to the downside for now.

A long signal would be initiated if prices manage to break and close above the top trendline. It might fail and retest the bottom trendline so be a little cautious here. Good luck!


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