Solar stocks have surged in 2014 on growing support from the U.S. government. “It’s not just oil and natural gas production that’s booming; we’re becoming a global leader in solar, too,” President Obama said in his State of the Union address. "Every four minutes, another American home or business goes solar; every panel pounded into place by a worker whose job can’t be outsourced. Let’s continue that progress with a smarter tax policy that stops giving US$4 billion a year to fossil fuel industries that don’t need it, so that we can invest more in fuels of the future that do," he added. The Guggenheim Solar ETF (NYSEARCA: TAN) has gained 23.0 percent year-to-date. Here is how some solar stocks reacted Friday:
Canadian Solar Inc. (NASDAQ: CSIQ) shares traded in the range of $36.11 to $39.75 Friday before settling to close at $37.77, a decrease of 3.77 percent. The stock appears to be facing some resistance at the $38.65 and $41.93 levels with some support at $35.84 and $32.75. Shares of Canadian Solar have gained approximately 26.0 percent year-to-date.
More information on Canadian Solar and access to the free equity report can be found at:
www.WallStreetFundamentals.com/CSIQ
First Solar, Inc. (NASDAQ: FSLR) shares traded in the range of $55.70 to $57.54 Friday before settling to close at $55.93, a decrease of 1.67 percent. The stock appears to be facing some resistance at the $57.36 and $60.99 levels with some support at $55.60 and $53.40. Shares of First Solar have gained approximately 2.0 percent year-to-date.
More information on First Solar and access to the free equity report can be found at:
www.WallStreetFundamentals.com/FSLR
SolarCity Corp. (NASDAQ: SCTY) shares traded in the range of $74.91 to $77.40 Friday before settling to close at $75.86, an increase of 0.45 percent. The stock appears to be facing some resistance at the $78.31 and $85.18 levels with some support at $74.80 and $68.49. Shares of SolarCity have gained approximately 33.0 percent year-to-date.
More information on SolarCity and access to the free equity report can be found at:
www.WallStreetFundamentals.com/SCTY
Trina Solar Limited (NYSE: TSL) shares traded in the range of $14.63 to $15.35 Friday before settling to close at $14.67, a decrease of 3.23 percent. The stock appears to be facing some resistance at the $14.86 and $15.24 levels with some support at $14.39 and $14.11. Shares of Trina Solar have gained approximately 7.0 percent year-to-date.
More information on Trina Solar and access to the free equity report can be found at:
www.WallStreetFundamentals.com/TSL
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