Stock Pick For Friday: Renesola

Chart courtesy of stockcharts ( click to enlarge )

Renesola (NYSE:SOL) - The stock made a nice move on a good earnings report, closing up 7%. From a technical perspective, this stock looks great as well. It is currently moving in an ascending triangle formation and a breakout looks eminent. If it breaks out of the ascending triangle, target price is at 6.24. The volume for the past 3 weeks has been good so it is also a good indication that this stock is pulling out of the bearish dive. A good breakout volume would be above 4 million shares traded. The stock has been on a rise recently as K line is on top of D line indicating a buy signal. Now with stock back above 13 day and 50 day moving average the stock may see more up side with MACD also rising. SOL could be a good stock for medium-term investment, based on its historical performance and from the technical indicators. Let’s keep an eye on it.

Disclaimer: Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

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