This morning, leading solar energy stock SolarCity Corporation (NASDAQ:SCTY) is trading lower by $1.97 to $49.30 a share. This stock continues to come under some institutional distribution. SolarCity Corporation stock topped out on February 26, 2014 at $88.35 a share. It is easy to see how this stock continues to be plagued by sellers in the near term. Investors and swing traders should now watch for daily chart support around the $43.70 level. This is an area where the stock was defended and bought by the institutional money. Often, old pivot points will serve as major support when retested. Traders should expect the stock to be weak until that support level is reached.
Nick Santiago
Chief Market Strategist
www.InTheMoneyStocks.com
Nick Santiago
Chief Market Strategist
www.InTheMoneyStocks.com