Real Goods Solar, Inc. (RSOL) surged Monday, closing up sharply at $3.30. Yesterday, the stock market weakened considerably and the stock dropped back to $2.90. Just a few weeks ago, Real Goods Solar hit a high of $7.17 before announcing a secondary pricing at $2.75. With all this crazy price action, is this stock one to own?
Based on the charts and other calculations, any price below the secondary of $2.75 is attractive. The key is to monitor the markets. It is a highly shorted stock so any up swings in the market will send this stock higher as shorts cover. However, should the markets remain weak, avoid like the plague.
I will be looking to pick some up on any strength in the stock market as long as RSOL is below $2.90. At this level, your short term downside risk is to $2.75. I will treat this stock as a short term vehicle. As a swing trade, it can be played over and over again in the right stock market.
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Is Real Solar Goods...Real Good?
Published 06/12/2013, 12:38 AM
Updated 07/09/2023, 06:31 AM
Is Real Solar Goods...Real Good?
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