Chart of Day: First Solar (FSLR) – 7/6

Oversold shares of First Solar (SYM: FSLR) are starting to pivot higher.

After slipping from about $310 to $214.37 following the presidential debate, it appears to have found strong support. It’s also starting to pivot from over-extensions on RSI, MACD and Williams’ %R. The last time it became this oversold, it bounced from about $140 to $300.

fslr

In addition, according to Morgan Stanley:

“Analysts led by Andrew Percoco see full-scale repeal of the Inflation Reduction Act as unlikely even in a Republican sweep, but trimming or partial repeal is possible, with a key focus on electric vehicle tax credits and direct pay,” as noted by Seeking Alpha.

“Morgan Stanley sees domestic manufacturing, nuclear power, and wind and solar tax credits enjoying bipartisan support, reducing the risk of repeal regardless of administration composition, with no change to the IRA or the pace of clean energy development under a unified Democratic government or a divided government with a Democratic president.”

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