At askSlim.com we are pure technical analysts – we let the “Charts” do the talking.
Our custom multiple-time-frame annotated charts deliver insights into directional bias, timing, and key price levels by utilizing our unique askSlim methodology that combines cycle analysis, momentum/trend studies, and swing high/swing low techniques.
This chart analysis of First Solar (FSLR) is current as of 5/26/22.
In the previous intermediate-term cycle of FSLR, we saw a left-hand translation occur in which price peaked at the 78.6% Fibonacci extension level, followed by significant downward movement. We also saw the Reversal Scout momentum indicator turn negative, as well as a breakdown through cycle low support. These are all bearish indicators.
In the current intermediate-term cycle of FSLR, the cycle began with an upward turn of momentum, indicated by the Reversal Scout. This momentum lasted around six weeks until events very similar to the previous cycle transpired: 1. What appears to be another left-hand translation 2. The Reversal Scout turned negative 3. A breakdown through cycle low support. Movement up to current minor resistance levels would provide potential short-sided opportunities.
Some key weekly data points to watch:
– FSLR is in the declining phase of its current intermediate-term weekly cycle
– The next intermediate-term cycle low for FSLR is projected to arrive between 6/13-7/29
– The next minor resistance zone on the weekly chart is from 70-75
To learn more about the askSlim Method of performing Cycle Analysis, you can read our series, Introduction to Cycle Analysis.
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