Sunworks, Inc. (NASDAQ: SUNW) is a premier provider of high performance solar power systems. They continue to grow its presence, expanding nationally with regional and local offices. They tout, “to consistently deliver high quality, performance oriented solutions for customers in a wide range of industries including agricultural, commercial and industrial, federal, public works, and residential.”
In the above chart you will see a classic head shoulders, bullish, trend line. Furthermore, after reviewing the short term and mid term performance report which are bullish for both, we believe Sunworks could be one to watch carefully. It is important for this stock to consolidate and create a hard bottom at the $3.75 price per share. Once that is achieved the next move to watch is the test and breakout at the first resistance point at $4.13 found below.
As seen in the chart below $4.38 is a convergence point of significance in regards to the trend line and a resistance point from the midday high. Pay careful attention to the action surrounding these key resistance points to determine whether to short or go long on Sunworks, Inc. As SUNW consolidates at the end of the day, the premarket will be instrumental to the share price performance for tomorrow, this is volatile stock and it could be a shorter’s dream or disaster. If the shorts get caught early morning it is possible to see a march towards the next resistance point at $5.73. If that takes place, the real fun begins at the next barrier from this morning’s race to $8.32. That is over a 100% gain from the current share price, possibly turning $10,000 into $20,000!
As noted, this is a volatile stock that is ripe for big moves either way, so make sure to trade with a plan. Also, keep in mind that it appears possible that there may be an awareness campaign on SUNW, which is good and bad. Happy trading fellow traders!
