Sunrise Solar Breaks Out from L/T Trend
Sunrise Solar Corporation [[SSLR.OB]] shares continued their sharp move higher as technical traders eyed a key breakout. The stock broke through a key resistance level, represented by the top of a descending triangle, in an earlier session and continued to rise in today’s session. However, a bearish MACd level and doji star during the latest daily candlestick have some traders concerned that the breakout may be running out of momentum.
Bull Case: Sunrise Solar broke out from the previous $0.75 resistance level and sees no substantial resistance until the $1.25 level, with the $2.25 level being the next major upper resistance level and $0.75 being the new support.
Bear Case: Sunrise Solar broke out from the previous $0.75 resistance level, but there was not enough volume to substantiate the move. Bearish MACd and RSI indicators, along with a bearish doji star candlestick, are showing a weakening trend that could quickly reverse.
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