First Solar, Inc (FSLR) is an established photovoltaic (PV) solution provider. It designs, manufactures, sells, maintains, and recycles solar panels. Its proprietary PV modules use cadmium telluride (CdTe). FSLR is listed on Nasdaq and is a component of the S&P 500 and is in the Solar sector.

FSLR started a Wyckoff sign of weakness (SOW) on 1st Nov 2021 which continued until 24th Feb 2022. The price hit $61 with a localized increase in volume. This was followed by an automatic rally and formed a new range between $61 and $82.

The price attempted a Wyckoff upthrust (UT) on 28 Mar but the subsequent price move retraced to test the low of the range. There were a few more attempts to rally and bounce off the support of $61. The change came with a localized spring on 15 July accompanied by a spike in volume suggesting the presence of demand. This was further confirmed by the Wyckoff sign of strength (SOS) rally.

The gap up on 28 July with increased volume started the climatic run-up. The price took a temporary relief at the end of Aug and formed a Wyckoff backup (BU) range between $118 and $140.

The breakout on 31 Oct from the BU range was showing signs of more bullish ahead. The price continued with the sign of strength rally until a high of $174 on 30 Nov. It then retraced from the high but still stayed above $140, which is a key support level.
 

Bias

Bullish. According to the Wyckoff method, the FSLR price will likely attempt to rally to break above $174. The next target is around $200.

If the price breaks below $140, it will likely retest the range of $118 and $140 for more consolidation.

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