InvestedCentral
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TSL is a $1.15 billion technology company that designs, develops, manufactures, and sells photovoltaic (PV) modules worldwide. TSL had been under severe selling pressure since late April, dropping close to half of its market cap in just the last 6 weeks. The selling momentum, however, began to slow last week as volume on the selling decreased and a long-term positive divergence formed. Since that time, TSL has performed much better, rising back above its 20 day EMA on Friday. Given that long-term positive divergence, the strength on Friday was critical. We expect TSL to rise to test its 50 day SMA from underneath although initial resistance will likely be felt in the $20.00 area. Near-term, we'd keep a tight closing stop beneath the 20 day EMA and we wouldn't be afraid to take partial profits on any short-term continuing rally.
