Stock Picks For Friday: Evergreen Solar And SunPower Corporation

Chart courtesy of www.stockcharts.com ( click to enlarge )

Evergreen Solar (ESLR) has been drifting lower since making a high of 2.96 in June. At this stage, the share price of ESLR appears to be moving sideway, with a slight upward bias. While the share price is slowly moving up by the upside is blocked by a strong resistance around 2.4. The recent increase in trading volume and rising OBV suggests buyers are accumulating stock. A breakout above $2.40 would constitute a technical entry for the short term trader looking for a quick trade. Based on steady improvement in its financial performance, I believe ESLR is a good stock for long-term investing.

Chart courtesy of www.stockcharts.com ( click to enlarge )

SunPower Corporation (SPWRA) released better then expected numbers after Thursday’s close, which should lead the Solar sector bouncing on Friday. The stock is blowing up in after hours trading !! Looking at the daily chart it displays a downtrend line broken to the upside with a nice volume. In addition, KD line shows positive signals as K line is rising on top over D line, and RSI continue moving up. OBV is beginning to turn around which suggests the stock is no longer being sold off. Stock as a major resistance at $30.46. I suspect the stock may continue to appreciate over the coming weeks after SPWRA surprising quarterly results that blew away analysts expectation.

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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