Solarfun Power Holdings Co. (SOLF) is just barely holding above technical support, trying to hold the line at $20, down about 7% on surprisingly light volume of 3.6 million shares. The wings of the solar rally have been clipped as even the best of breed name First Solar has dramatically come off its mid-May high of $317 so there’s no doubt of some sector rotation out of solar, but it’s puzzling that given oil’s resurgence there hasn’t been any restart in momentum. Traders would go short on a breach given that the level is crucial - it’s a price marker tested and bounced up from already three times in the past couple of weeks, and a close below $20 would be extremely bearish - Solarfun’s first since May 15 and mark its lowest level since reporting first quarter earnings.
Tuesday, June 17, 2008
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