u s shares highlights solarcity corp 3 582352015
<p>SolarCity Corp (SCTY) – Potential push up towards long-term range top above 57.50 support (Click to enlarge chart) Key elements Since 31 March 2015 low, […]</p>
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SolarCity Corp (SCTY) – Potential push up towards long-term range top above 57.50 support
Key elements
- Since 31 March 2015 low, SolarCity has traded within a medium term ascending channel (in dark blue).
- Current price action has managed to hold above the lower boundary (support) of the ascending channel, pull-back support (in dotted green) and 20-day Moving Average (in red) at 57.50.
- The recent up movement from 15 April 2015 low has been accompanied by increasing volume.
- The intermediate term RSI oscillator remains bullish above its support.
- The range top resistance zone of 67.60 and 71.20/74.10 corresponds closely with the upper boundary of the ascending channel and 1.382/1.618 Fibonacci projection from the 15 October 2014 low to 16 March 2015 low.
Key levels (1 to 3 months)
Pivot (key support): 57.50
Resistance: 67.60 & 71.20/74.10
Next support: 47.00
Conclusion
As long as the 57.50 pivotal support holds, SolarCity is likely to continue its potential upside movement towards 67.60 in first step before target the long-term range resistance zone of 71.20/74.10.
On the other hand, failure to hold above 57.50 may invalidate the bullish scenario for a slide towards the long-term range support at 47.00.
Source: Charts are from eSignal
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