Stock Analysis: Evergreen Solar Inc. (ESLR)
Evergreen Solar (ESLR) develops solar power products. Solar companies have definitely been volatile because of its dependence on government policy. If you’re environmentally-conscious, this might be a good play for you if you’re in it for the long haul.
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- RSI has had steady increase and looks to test the 50 level.
- Price has entered a bullish channel and is close to testing support at the bottom of the channel.
- Further support by the MA(50) and MA(200) offer more assurance to hold ESLR afloat.
If ESLR bounces off support once more, that will be a solid indicator of a strong support line. Look for long term growth in this stock as alternative energy plays gain more traction over time. In addition, when dealing with volatile stocks like Evergreen Solar, make sure you follow fundamental risk management techniques.