Canadian Solar Ready For Trend Reversal?

Canadian Solar (CSIQ) is lining up to make what could be a decisive breakout above the long-term downtrend line that started in May of last year as you can see in the weekly chart. Price has formed what looks like a huge descending wedge, and we’re finally getting down toward the pointy end. Taking a look at the daily chart, below…

…you can see what sure looks like an inverted head and shoulders formation, and a three candle retrace back to the base and conversion lines on the Ichimoku chart. There’s stiff resistance at $13.10, but if CSIQ can break through that, there’s huge upside potential.

Leave a Reply

Your email address will not be published. Required fields are marked *