First Solar Roll Over Explained

First Solar, FSLR stock amongst other leaders of this market have begun to roll over and turn away and test their long term trends. FSLR offers a good example of trend changing on its stock chart and has some support set to be tested in the near future.

First the FSLR stock chart, what we want to look at are two key points:

1. The drop below the top black line which was at about $260, this signals the stock has to rest as the breakout on 12/21/07 failed. Moving forward this line is no longer support, but resistance.
2. The 2nd black line denotes key support and what should be tested price wise in the near term future. The magic number here is $223, which is the low of the day set on January 7th, 08. The 50 Day Moving Average is the key support trend line and also should be tested.

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FSLR is still in great shape compared to some of the other leaders currently. Take a look a this next chart which is of FSLR on a weekly view and you can see its long term trend is still intact,

Click to View, Click again to Zoom

If the market turns FSLR stock could rally very easily, but it is still important to know moving forward what exactly to be watching for on your screens.

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