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Canadian Solar Is Off The Charts

|Includes:Canadian Solar Inc. (CSIQ)

The Chart of the Day is Canadian Solar (NASDAQ:CSIQ). I sorted the New High List for Weighted Alpha and this stock has a WA of 1,376.33+ and is up 1,534.87% in the last year. It was the COD on 9/25 and since the Trend Spotter gave a buy signal on 9/5 the stock is up 226.74%.

It is a solar module producer. The Company offers ingots, wafers, solar cells, solar modules and other solar applications for on-grid and off-grid use to customers worldwide. It also designs and produces specialty solar modules and products such as solar-powered bus stop lighting; and specialty products, such as portable solar home systems and solar-powered car battery chargers.

(click to enlarge)Click to enlarge

Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 100% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 14 new highs and up 54.98% in the last month
  • Relative Strength Index 72.79%
  • Barchart computes a technical support level at 27.84
  • Recently traded at 31.88 with a 50 day moving average of 20.56


Fundamental factors:

 

  • Market Cap $1.39 billion
  • Revenue projected to grow by 36.70% this year and another 39.70% next year
  • Earnings estimated to increase by 109.50% this year, an additional 502.80% next year and continue to increase at an annual rate of 10.00% for the next 5 years
  • Wall Street analysts still have 4 buy recommendations in place


I see the 4 analysts buy recommendations but after a 1,534.87% run up in the last year I not a buyer at this level. Start reaping any gains you have to preserve your profits. Don't be greedy and stay in too long.

Stocks: CSIQ