SolarCity (SCTY) shares are up more almost 20% to $56.81 this morning after the company last night reported significant EPS improvement in Q1’14 compared to the same quarter a year ago, and an upgrade at JPMorgan (JPM) and Roth Capital this morning. On the one-month chart this move is the start of a breakout for the the ticker which crossed a major uptrending line, and is now preparing to revisit the $60 range again for the first time after hitting a 52-wk high in late February. A move above $63.91, next resistance, should lift this stock easy to retest the $70 range in a relatively short period of time. With the heavy volume like today, we’d expect that not to be a problem.
SolarCity’s share price has been on an downtrend from February 26. Despite its 130% price appreciation in the last 12 months, the stock of Elon Musk’s – chaired firm has still enough momentum that may further drive it upward.