Traders Bid Up First Solar (FSLR) Despite Mixed Jefferies Comments

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03:54:31 pm on June 28, 2011

Shares of First Solar (FSLR) continue to hang in around the $120 level and today got a much needed jolt higher above that level with volume.  The move is a little surprising considering Jefferies came out with cautious comments on the company saying they believe they will lower guidance when they report earnings in August.  Jefferies lowered Q2 estimates from $.94 to $.90 (below consensus of $1.00).

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However, traders focused on the fact that the firm believes there is upside potential in the stock and that solar demand should pick up in the 2nd half of the year.

Technically, I’m watching resistance of the 50 day moving average in shares of FSLR.  Today’s move could be the catalyst for a surge above that level in the coming weeks.  Should the stock get above there and hold, that could very well be the indication that a bottom to this correction is in. 

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