although the FSLR long just hit the first of 4 targets today, taking many things into consideration on both this trade and the overall market action, i am revising the final target to current levels (21.09) and would consider booking full profits or at the very least tightening up your stops if you took this one & have not already done so. this trade is up 55% in just 3 weeks and although there’s a good chance that some, if not all of those final targets get hit over time, that assumption would likely be based on the broad markets breaking out to new highs and continuing higher from there. i am still skeptical of this rally and although i can not give investment advice, i can tell you that i personally sold all my shares of FSLR earlier today on the hit of T1. also to be clear, this is not a call to close all longs, just FSLR as i think the near-term upside potential to remaining long right now is outweighed by the odds of a possibly sharp pullback soon..
again, trade according to your own plan and market bias. nothing wrong with longer term traders or investors holding out for those additional targets as believe i made a good case for FSLR putting in a lasting bottom when the trade was posted on june 15th. DYODD and g-luck if you decide to let it ride. FSLR will now be categorized exclusively as a completed trade although i may revisit it later for another possible re-entry. original 2-day chart below followed by the updated daily chart.
