Replies to post #676 on Canadian Solar Inc. (CSIQ)

[JLS]

Took profits on CSIQ trade.

Why?

Thinking CSIQ retraces a little as it did last January then continues higher (if the overall market conditions allow that). Check the yellow circle at the beginning of 2019 on the CSIQ chart. That shows what I think CSIQ is capable of provided the overall market agrees.

As it relates to the rest of the market, the CSIQ chart doesn't show that virtually the whole market ( $SPX and friends) is looking pretty weak -- as $SPX is in the process of forming an H&S top. For that reason I've also included an $SPX chart.





Putting all that together, the looming blue-line resistance shown in the CSIQ chart (and possible profit-taking and therefore small pullback) along with the possible H&S pattern in the $SPX chart encouraged me to take profits today and possibly re-enter the CSIQ trade early next week.