Thursday Morning - It's still sunny

Gator's Chart of the Day (again): FSLR

I've posted this chart on Monday and Wednesday this week and I'm showing one more time today.  The trade is still working.  The price is still above the upper Bollinger band and volume is still well above average but it is a little lower than Tuesday and the stock did not close at the high of the day.  What does that mean?  Well, the stock may be tiring and for good reason.  It's up 31% since it bounced from 50 day simple moving average.

If we call the red candles printed on 11/29-30 a bull flag (I think that's reasonable) then the measured move would be up to 31.74.  The low on 11/16 was 22.62 and the high on 11/28 was 27.75 so we add 5.13 to the low on 11/30 (26.74) and we get 31.87.  That leaves nearly 2 points of upside from today's close.  That's well over 6% so I still want to be involved on the long side.

I took all of my Jan28 calls off the table on Wednesday and bought a half position in Jan32 calls.  I'll add to them if the stock moves back above 30 and holds through the opening rotation.  I'll use Wednesday's low for my stop.