SolarCity Corp (SCTY) is up $1.80, or 3%, to $61.70 in midday trading. The stock is displaying relative strength as it breaks out of its monthly stair-stepping pattern while continuing holding above its pivot point at $60.53. Ticker had a nice move up this morning to a six month high of $61.90 and is currently logging an almost 3% gain from yesterday’s close of $59.90. Some continuation today could set it up for the next resistance level at $62.07.
SolarCity shares have been on an downtrend from February 28, 2014 ($84.96). Despite its 24 points price depreciation, the $5.94 billion market cap company still has enough promising fundamentals that may further drive the stock upward.
In the past 52 weeks, shares of San Mateo, California-based solar energy systems manufacturer have traded between a low of $45.79 and a high of $79.40. Shares are up 16% year-over-year and 15.00% year-to-date.