Canadian Solar Inc. Stock Forecast
Canadian Solar Inc. stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Mar 31, 2023)
The Canadian Solar Inc. stock price gained 1.14% on the last trading day (Friday, 31st Mar 2023), rising from $39.36 to $39.81. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.00% from a day low at $39.27 to a day high of $40.45. The price has risen in 8 of the last 10 days and is up by 13.65% over the past 2 weeks. Volume fell on the last day by -465 thousand shares and in total, 767 thousand shares were bought and sold for approximately $30.53 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Canadian Solar Inc. stock with a 90% probability to be traded between $29.55 and $42.35 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
CSIQ Signals & Forecast
The Canadian Solar Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $38.85 and $39.38. A breakdown below any of these levels will issue sell signals. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, January 12, 2023, and so far it has fallen -7.80%. 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).
Support, Risk & Stop-loss for Canadian Solar Inc. stock
Canadian Solar Inc. finds support from accumulated volume at $38.57 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 $1.18 between high and low, or 3.00%. For the last week, the stock has had daily average volatility of 4.42%.
Our recommended stop-loss: $37.64 (-5.46%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 54 days ago.)
Trading Expectations (CSIQ) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Canadian Solar Inc. to open at $39.84, and during the day (based on 14 day Average True Range), to move between $37.65 and $41.97, which gives a possible trading interval of +/-$2.16 (+/-5.42%) up or down from last closing price. If Canadian Solar Inc. takes out the full calculated possible swing range there will be an estimated 10.83% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $38.57 (3.11%) than the resistance at $41.25 (3.62%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Canadian Solar Inc. stock A Buy?
Canadian Solar Inc. holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.752 Open Broker Account
Hold/Accumulate UpgradedPredicted Opening Price for Canadian Solar Inc. of Monday, April 3, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
| Fair opening price April 3, 2023 | Current price |
|---|---|
| $39.84 | $39.81 (Undervalued) |
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Trading levels for CSIQ
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 41.02 | 3.05 % | |
| R2 | 40.57 | 1.92 % | ||
| R1 | 40.29 | 1.22 % | ||
| Current price: | 39.81 | |||
| Support | S1 | 39.39 | -1.05 % | |
| S2 | 39.11 | -1.75 % | ||
| S3 | 38.66 | -2.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 42.87 | 7.69 % | |
| R2 | 42.05 | 5.63 % | ||
| R1 | 41.25 | 3.62 % | ||
| Current price | 39.81 | |||
| Support | S1 | 38.57 | -3.11% | |
| S2 | 37.74 | -5.20% | ||
| S3 | 36.15 | -9.19% |
FAQ
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About Canadian Solar Inc.
Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc. (CSI) Solar and Global Energy. The CSI Solar segment offers standard solar modules and battery storage solutions, as well as solar system kits that ar... CSIQ Profile
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