First Solar, Inc. (NASDAQ:FSLR) continues to drop, even in the face of a solid rally on Wall Street. The stock is trading at $18.12 -0.52 (-2.79%). This stock broke its previous support of $20.00 on Monday and is now headed for $17.00. Once at $17.00, First Solar becomes an attractive bounce candidate.
Solar stocks have been under pressure for well over a year on the back of a slowing global economy and an oversupply of solar panel cells from China. These problems continue to persist and are hurting the sector.