[video] SolarCity Announces New Jersey Expansion, Stock up 7%
Written by: Debra Borchardt
Tickers in this article: CSIQ FSLR SCTY
NEW YORK (TheStreet) -- SolarCity is jumping over 7% after announcing the opening of an operations center in New Jersey.
The sun is shining on the solar sector today with SolarCity
What's funny is last year at this time it feel that the whole sector was left for dead and then the beginning the year all the solars came into play and have had enormous moves. So at this particular point we're looking for set-ups. SolarCity is up seven percent today, yesterday the stock was nice and tight - great setup for traders. We actually even sent it out to our community last night, it was on Real Money Pro. Basically when they re-setup you go after it. Right now if you take a look at the chart for SolarCity you'll see how tight the pattern was. You look over there right there, nice consolidation, getting very tight. The buy area would have been around $54 and that was there this morning and now it's up seven percent. That stock probably see the low 60s.
Right I see that you've got a target of $65 on there now. There really hasn't been a lot of fundamental news. There was a little bit of good news about them opening operation center in New Jersey, they talked about this hot South Jersey demographic that things were so strong there that they have to hire people to get that the panels out to them.
I'll be honest, I don't see any news either, I just think sometimes when charts technically break out they go and they know there's a big short interest in SolarCity. When you have Musk behind the stock up and you have a hot sector like the solars, because you look at
Alright well there you go, if you don't already have SolarCity it might not be too late to get involved in it. That's Scott Redler from T3 Live and I'm Debra Borchardt with TheStreet.
Written by Debra Borchardt in New York.