Trina Solar (TSL) is poised to break out here, but it has important resistance to get through first. The RSI has stayed bullish throughout the 1 year pullback. The stock has drifted sideways since last August.
After breaking the down sloping trend line, Trina Solar is trying to get through the 40 WMA. It has struggled here for two weeks, so this is becoming more meaningful.
The MACD recently crossed above the signal line and the Relative Strength has turned up above the down sloping trend. A horizontal line could be drawn across the last 6 months peaks. If Trina can get rolling, it could be a nice long breakout. Definitely worth watching right here.
Have a good weekend,
Greg Schnell, CMT
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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