SolarCity (SCTY) Stock Breaks Out

SolarCity Corporation (SCTY) is one of today’s notable gainers, up 4% to $60 on 2.2 million shares average daily volume. The stock had a potent break out of its 6-month trading range this morning. As the equity continues to vacillate at the top of a multi-week trading range, it should run into its first level of resistance located at $60.42. Next resistance is at $61.59.

SolarCity announced today that it has activated a fund including an investment from Credit Suisse that is expected to finance more than $1 billion in commercial solar energy systems, including battery storage systems,for businesses, schools and government organizations across the U.S.

Over the past year, shares of San Mateo, California-based solar energy systems provider have traded between a low of $45.79 and a high of $79.40 with the 50-day MA and 200-day MA located at $51.96 and $52.69 levels, respectively. Additionally, shares of SCTY trade at a P/E ratio of 0.24 and have a Relative Strength Index (RSI) and MACD indicator of 73.28 and +2.54, respectively.

SCTY currently prints a one year return of about 1% and a year-to-date return of around 8%.

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