First Solar Gives Longs A Ray Of Hope

First Solar, Inc. FSLR shares are trading higher by $1.13 (3.7 percent) at $36.00 in Friday's session. After shedding half of its value in 2016, falling from its 2015 year-end close of $65.99 to its year-end 2016 close of $32.09, the issue appears to be on the comeback trail.

As it turns out, its year-end closing price is one penny from its low for the year at $32.10. Some may attribute the early rally as a counter move to the year-end tax selling that may have plagued the issue in the December.

In other words, investors may have taken a loss in the issue to offset other gains in their portfolio, with full intention of repurchasing the issue in 2017.

After a flat open, it retreated and found support just under Thursday's close ($34.87), reaching $34.73 before embarking on its move higher.

So far it has cleared the pair of highs at the $35.20 area, reaching $36.41. If the rally continues, there may be limited resistance until its November 3 high of $38.60. That was the high on the day issue swooned from its previous day close of $40.58 to $34.51, when the Street was disappointed with its Q3 report.