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Canadian Solar Inc. Stock Forecast NASDAQ:CSIQ

$32.52 (-7.67%)

Volume: 2M

Closed: Dec 03, 2021

Hollow Logo Score: -2.669

Canadian Solar Inc. Stock Forecast

$32.52 (-7.67%)

Volume: 2M

Closed: Dec 03, 2021

Score Hollow Logo -2.669
Which way will CSIQ go? Request
Key Stats
P/E Ratio 25.70
Beta 1.59
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSImin/max Values: [ 25 - 75 ] RSI14 is 26 and the stock is currently not being overbought or oversold

High volatility in Canadian Solar Inc. stock price on Friday which ended trading at $32.52
(Updated on Dec 03, 2021)


Sell candidate since 2021-12-03

The Canadian Solar Inc. stock price fell by -7.67% on the last day (Friday, 3rd Dec 2021) from $35.22 to $32.52. and has now fallen 5 days in a row. During the day the stock fluctuated 10.28% from a day low at $32.28 to a day high of $35.60. The price has fallen in 7 of the last 10 days and is down by -16.62% for this period. Volume has increased on the last day by 353 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $58.23 million.

The stock has broken the wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $34.62. A reaction back to this level may hold a second chance to get out before further falls.

Signals & Forecast

There are few to no technical positive signals at the moment. The Canadian Solar Inc. stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $36.99 and $38.59. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, November 11, 2021, and so far it has fallen -20.59%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss

Canadian Solar Inc. finds support from accumulated volume at $32.08 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.32 between high and low, or 10.28%. For the last week, the stock has had a daily average volatility of 6.46%.

Our recommended stop-loss: We hold an negative evaluation for this stock. No stop-loss is set.

Is Canadian Solar Inc. stock A Buy?

The Canadian Solar Inc. stock holds several negative signals and despite the positive trend, we believe Canadian Solar Inc. will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.669

Predicted Opening Price for Canadian Solar Inc. of Monday, December 6, 2021

The predicted opening price is based on yesterday's movements between high, low, and the closing price.

Fair opening price December 6, 2021 Current price
$33.47 $32.52 (Undervalued)
Sell Candidate Downgraded

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Analyst Ratings

On Oct 04, 2021 "Citigroup" gave "$57.00 - $51.00" rating for CSIQ. The price target was changed from $34.42 to 0.5%.

Volatility and Risk
Daily Average Volatility: 6.46 %
Overall Risk: Very High High Medium Low Very Low
Volatility
6.46 %
Daily Average Volatility
Overall Risk

Very High
High
Medium
Low
Very Low

Support & Resistance

Resistance: $38.21
Price: $32.52
Support: $32.08

Fibonacci Support & Resistance Levels

Level Price Change
Resistance 36.78 13.11 %
35.52 9.22 %
34.73 6.81 %
Current price: 32.52
Support 32.20 -0.98 %
31.42 -3.39 %
30.15 -7.29 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 40.01 23.03 %
39.00 19.93 %
38.21 17.50 %
Current price 32.52
Support 32.08 -1.35%
31.90 -1.91%
31.79 -2.24%

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About Canadian Solar Inc.

Canadian Solar Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar wafers, cells, and solar power products primarily under the Canadian Solar brand name. The company operates through Module, Energy Development, and Electricity Generation segments. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems. The company also provides specialty... Read more

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