*TA as of 28/2/24
Hi everyone! I’ll be updating my TA on a solar provider today:
Sunrun Inc. (NASDAQ: RUN)
RUN was previously trading in a falling wedge consolidation pattern (maroon trendlines) after putting in a blow off top. It subsequently broke out of this pattern after basing at COVID lows at the 7-8 area.
Recently, we saw a breakout of the falling wedge that suggests a change in trend. RUN is currently trading in a shorter-term symmetrical triangle consolidation pattern that is making lower highs and higher lows. Hidden bullish divergence has been forming at lows, and the stock has retraced more than 61.8% of its move from 8.43 to 20.68.
In the near-term, I can see a move towards the 15.04-15.21 gap. A breakout of the symmetrical triangle pattern should see a move towards 17.16, and eventually 22.23 to fill the downside gap. A breakdown will see a retest of 11.28, while a lower low will probably see a return towards 8.43 to form a double bottom. I wouldn’t sleep on solar providers in the long-term - these can really go in a low interest rate environment!
Sentiment: BUY
Summary (with Price Targets - NFA):
Symmetrical triangle consolidation pattern with hidden bullish divergence forming. Near-term should see 15.21. A breakout will see a move towards 17.16 and eventually 22.23, while a breakdown should see a retest of 11.28 and lower.
Investors can accumulate at current levels. I would think that the stock, from a technical standpoint, is at support and presents strong risk-to-reward for bulls.
Alright, that’s all for this newsletter. See you in the next one!
@TigerEvents @TigerStars @TigerWire @CaptainTiger @MillionaireTiger
$Sunrun(RUN)$ $Enphase Energy(ENPH)$ $SolarEdge(SEDG)$ $JinkoSolar(JKS)$ $Invesco Solar ETF(TAN)$
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