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SPWR Swing Trade Setup

SPWR (SunPower Corp) has so far played out exactly as predicted in the Solar Stock Trade Setups post from April 4th, with the stock rallying 25% from there to kiss the top of the wedge, followed by a minor pullback from that first tag of the wedge then rallying back to the top of the wedge once again. The stock now appears poised for a breakout & may very well be added as an official trade idea as soon as today although I'd prefer to wait to see how both SPWR as well as the bulk of the solar stocks on my watchlist trade today. Until then, I want to share the chart for those that might already have a position or are interested taking one. Previous & updated (as of yesterday's close) daily charts:

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May 16, 2017 9:02am|Categories: Uncategorized|Tags: |1 Comment

One Comment

  1. rsotc May 16, 2017 9:37 am at 9:37 am

    Moderate resistance around 7.58 on the SPWR 60-minute chart so a break over 7.60, especially on volume, might do the trick. Still under consideration for an official trade for now but just remember, resistance (i.e.- this downtrend line/top of wedge) is resistance until & unless broken. As such, the chance that SPWR could once again pull back inside the wedge from here is decent so best to wait for a buy signal ((breakout) or pullback to support before adding to or initiating a long position.

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