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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 SunPower (SPWR) has been done per a request from one of our Level 4+ premium members. The information in this article is current as of 6/2/22.
In the previous intermediate-term cycle for SPWR, cycle-low support was broken, rendering the cycle negatively configured, as the cycle ended lower than where it began.
The current intermediate-term cycle began with some upward movement into an intermediate-term resistance zone. Resistance was not broken and what followed was a down-turn in the reversal scout momentum indicator as well as another break through cycle low support.
Presently, SPWR is within a minor resistance zone. As the current intermediate-term cycle is negatively configured, we project downward price action before the cycle is complete, potentially down to the Int 61.8% or Int 78.6% (less likely) Fibonacci Extension level.
Some key weekly data points to watch:
– SPWR is near the declining phase of its current intermediate-term weekly cycle
– The next cycle low for SPWR is projected to be between 6/13 – 7/22
– The minor resistance zone on the weekly chart is from 17.5 – 20.5
– The negative cycle structure suggests a Negative/Downside Bias (likely lower lows or failed rally attempts) with a conservative projected test near 15 and then completing the bottoming phase with a test near the prior cycle low at 12.78
– The next key support level is near an Int. 61.8% Fib Ext at 12.5
– A close above 20.50 would require a reevaluation of the negative bias and downside projections.
To learn more about the askSlim Method of performing Cycle Analysis, you can read our series, Introduction to Cycle Analysis.
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