The Sun is Out – Buy Some Solars

• Posted by Greg Harmon
• on April 29th, 2015

Spring has fully arrived in Ohio, and that means a lot less of the cloudy overcast days and more sun. We get a lot of overcast to go with the snow in the winter. It is a time for working outside and trying to overcome the pasty whiteness that has developed over the winter. But it is also becoming a time for a different kind of shift, into solar power. GM recently installed a very large solar array like the one above in its Lordstown, Ohio Plant. And wouldn’t you know that the solar stocks look read to move on the sunshine as well.

The chart of Jinko Solar ($JKS) above has had a steady run higher since the beginning of the year. The momentum indicators are still strong with the RSI bullish , but the MACD rolling over, but still positive during the consolidation. The recent consolidation is what makes it interesting and presents a possible entry. A break above 29.75 would trigger a Measured Move to 32.75. Get ready to light this one up.

JA Solar ($JASO) is also looking good. It has had the same run higher since the beginning of the year and is now at the September high. The shooting Star candle may mean a pullback, which creates a possible handle to go with the Cup that formed over the last 7 months. A break back above the top of the Cup would carry a target of 14.20.

Finally Canadian Solar ($CSIQ), a Top 10 pick 2 weeks ago, is moving higher out of a triangle consolidation. It does not have resistance until 40.25, nearly 10% higher.

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