Today's 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 topped out on February 26, 2014 at $88.35 a share and It's easy to see why this stock continues to be plagued by sellers in the near term.
Support
Investors and swing traders should now watch for daily-chart support around $43.70, which is about where SCTY 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.