First Solar, Inc. (NASDAQ:FSLR) is trading at $30.38, -1.92 (-5.94%). The stock continues to get hit after reporting quarterly results that did not meet expectations. While this news has sent the stock price lower, many traders are looking for the bottom. The key is to look at the chart and discover the next major support levels. The first obvious level is the 52 week low. The stock price is coming coming into that level at $29.87. This will be a double bottom and a support level.
While the stock price will find some support there, it is likely to go even lower after a small bounce. I know, the longs do not want to hear that but the charts speak the truth. The major support where the stock will be a longer term buy is at $24.75.