$5.39 (18.07%)

Volume: 1.486M

Closed: Dec 02, 2022

Hollow Logo Score: 4.657

Renesola Ltd Stock Forecast

$5.39 (18.07%)

Volume: 1.486M

Closed: Dec 02, 2022

Score Hollow Logo 4.657
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSI min/max Values: [ 25 - 75 ]
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Big movements in Renesola Ltd stock price on Friday moving 17.39% between high and low
(Updated on Dec 02, 2022)


Buy or Hold candidate since 2022-11-30 Gain 13.95% PDF

The Renesola Ltd stock price gained 18.07% on the last trading day (Friday, 2nd Dec 2022), rising from $4.57 to $5.39. During the last trading day the stock fluctuated 17.39% from a day low at $4.60 to a day high of $5.40. The price has been going up and down for this period, and there has been a 9.78% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 662 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $8.01 million.

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The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $5.19, a level that may pose a second chance to hit a runner. According to fan-theory $6.47 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

SOL Signals & Forecast

The Renesola Ltd stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $4.72 and $4.57. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, November 28, 2022, and so far it has risen 24.91%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

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Support, Risk & Stop-loss for Renesola Ltd stock

On the downside, the stock finds support just below today's level from accumulated volume at $5.10 and $4.48. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Renesola Ltd finds support just below today's level at $5.10. If this is broken, then the next support from accumulated volume will be at $4.48 and $4.21.

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 $0.80 between high and low, or 17.39%. For the last week, the stock has had daily average volatility of 11.28%.

Our recommended stop-loss: $5.19 (-3.80%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)

Trading Expectations (SOL) For The Upcoming Trading Day Of Monday 5th

For the upcoming trading day on Monday, 5th we expect Renesola Ltd to open at $5.13, and during the day (based on 14 day Average True Range), to move between $5.06 and $5.72, which gives a possible trading interval of +/-$0.330 (+/-6.12%) up or down from last closing price. If Renesola Ltd takes out the full calculated possible swing range there will be an estimated 12.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $5.10 (5.38%) than the resistance at $5.85 (8.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Renesola Ltd stock A Buy?

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 4.657 Open Broker Account

Buy Candidate Upgraded

Predicted Opening Price for Renesola Ltd of Monday, December 5, 2022

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

Fair opening price December 5, 2022 Current price
$5.13 $5.39 (Overvalued)

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Fibonacci Support & Resistance Levels

Level Price Change
Resistance 5.93 10.02 %
5.62 4.35 %
5.44 0.85 %
Current price: 5.39
Support 4.82 -10.49 %
4.64 -14.00 %
4.33 -19.67 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 6.08 12.80 %
5.92 9.83 %
5.85 8.53 %
Current price 5.39
Support 5.10 -5.38%
4.48 -16.88%
4.21 -21.89%

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About Renesola Ltd

ReneSola Ltd, through its subsidiaries, develops, builds, operates, and sells solar power projects in the United States, Canada, Europe, and internationally. It operates through three segments: Solar Power Project Development, EPC Services, and Electricity Generation Revenue. The company also develops community solar gardens; and sells project rights. In addition, its engineering, procurement, and construction business provides engineering design... SOL Profile

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