Canadian Solar (CSIQ)
By Wed, Jun 30, 2021
Today’s Chart of the Week comes from our powerful Follow the Flow Report.
This scan looks for unusual options activity, but specifically seeking very aggressive directional bets being put on by institutions at a very high level.
This report found a particularly aggressive bet in Canadian Solar (CSIQ).
Someone wanting in this strongly is a big catalyst for us. And when we see that in conjunction with a stock breaking out of a consolidation like CSIQ, today’s Chart of the Week looks particularly attractive.
We are long CSIQ above 44 with a price target of 65.
Below 44, there’s no breakout, but above that we are long for a 47% gain.
Great reward, limited risk, lots of action, what’s not to love?
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
