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  • Even High Oil Can't Fuel Solar City Corporation 0 comments
    May 28, 2014 12:23 PM | about stocks: SCTY

    Solar stocks such as Solar City Corporation (NASDAQ:SCTY) can barely muster enough energy to get some daily movement these days. That is something that was unthinkable just a few months ago. This stock had an amazing power surge in 2013, as it easily outpaced the broader markets, gaining an eye popping 375%! It looked like 2014 was going to be no different for Solar City Corporation (NASDAQ:SCTY) as it shot out of the gate, and made a new all time high of $88.35 on February 26. That's the day the sun stopped shining so bright for this name.

    After making new all time highs the share price of Solar City Corporation (NASDAQ:SCTY) has declined over 35% and even as much as 48% this year. So with crude oil well above $100/barrel, one would think that solar stocks would be making new highs as people search for alternative energy companies. However, that is simply not the case, and another reason why fundamental analysis pales in comparison to technicals and charts.

    If you followed the technicals you would have seen the breakdown in this stock a few months ago and saved yourself a world of pain, and booked profits a long time ago. The uptrend broke and only the charts could have told you that. Not fundamentals. So while the markets make new all time highs, Solar City Corporation (NASDAQ:SCTY) continues to flirt with its lows for the year and is actually down by more than 5% year to date. I look to the charts and they are telling me that the $38 level looks to be where to buy this equity.

    Parm Mann

    Elite Round Table

    (click to enlarge)

    Stocks: SCTY
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